Beer Generated Highest Income for Nigeria in 2021 – NBS

Beer Generated Highest Income for Nigeria in 2021 – NBS

THECONSCIENCEng reports that beer makers and breweries have generated the highest proportion of Company Income Tax (CIT) in the first quarter of 2021 in Nigeria.

This was revealed by the National Bureau of Statistics (NBS) in a new report, titled Company Income Tax by sectors Q1 2021” released on Wednesday.

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According to the report, “Beer, alcoholic beverage makers and bottling companies generated N23.26 billion; closely followed by professional services including telecoms which generated N18.17 billion.”

The Bureau also revealed that the Federal Government raked in N392.77 billion as CIT in Q1 2021. The figure dwarfs the sum of N295.72 billion generated in Q4 2020; as well as that of N295.68 billion generated in Q1 2020, representing a 32.82 per cent and 32.84 per cent increase respectively.

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Furthermore, the NBS revealed that state ministries and parastatals generated N17.35 billion; while textile and garment industry generated the least income. Other segments in the bottom rung of CIT generators include mining with N13.49 million; automobiles which generated the sum of N34.40 million and assemblies with N73.57 million.

Out of the total amount generated in Q1 2021; N152.33 billion was generated as CIT locally while N184.59bn was generated as foreign CIT payment.

In addition, the report disclosed that the balance of N55.85 billion was generated as CIT from other payments.