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A total of N714.4 billion was generated from Company Income Tax (CIT) in the second quarter of 2022 a 29.53  per cent increase compared to N551.53 billion generated in the first three months of the year.

Data released by the National Bureau of Statistics (NBS) showed that local payments of CIT totaled N634.01 billion while Foreign CIT payment contributed N80.39 billion in Q2 2022. Manufacturing sector pulled the largest contribution to CIT with N174.68 billion accounting for 27.55 per cent of the total figure.

It was followed by Information and communication which contributed N155.737 billion representing 24.56 per cent of the total figure while Financial and insurance companies accounted for 14.98 per cent with N94.98 billion.