Nigeria gets N4.9 trillion CIT in 2023

Nigeria’s Company Income Tax (CIT) collections rose by 73.14%, reaching N4.9 trillion in 2023, up from N2.83 trillion recorded in the previous year, according to data from the National Bureau of Statistics (NBS) unveiled these figures.

The 2023 CIT data includes Local CIT payments totalling N2.51 trillion and foreign CIT contributions amounting to N2.39 trillion, reflecting the broad-based growth across both domestic and international business operations.

The remarkable increase in CIT collections indicates a robust economic environment and improved compliance with tax obligations, highlighting the government’s efforts in tightening tax administration and expanding the tax net.