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Harsh environment:Tax revenue from manufacturers plunges by 70%

Published by Vanguard on Mon, 17 Jun 2024


In apparent reflection of theharsh operating environment for the manufacturing sector in Nigeria over the past year, accentuated by fuel subsidy removal, naira devaluation and increase in electricity tariff, tax revenue from manufacturers dropped drastically by 70.24 percent, quarter-on-quarter (QoQ), to N43.2 billion in the first quarter of 2024 (Q1'24) from N145.1 billion recorded in the previous quarter (Q4'23).This is contained in the Company Income Tax (CIT) Q1 2024 report by the National Bureau of Statistics (NBS) on the tax revenue from both local and foreign manufacturing companies.The post Harsh environment:Tax revenue from manufacturers plunges by 70% appeared first on Vanguard News.
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