By Aaior K. Comfort

The agricultural sector has spearheaded the growth in Company Income Tax (CIT) in Nigeria for the second quarter of 2024, recording a staggering 474.50% increase on a quarter-on-quarter basis, according to a report released by the National Bureau of Statistics (NBS) on Monday.

For Q2 2024, the total CIT amounted to N2.47 trillion, representing a 150.83% increase from N984.61 billion in Q1 2024. Local payments contributed N1.35 trillion, while foreign CIT payments totaled N1.12 trillion during the review period.

The report highlighted that “Agriculture, forestry, and fishing” recorded the highest growth rate at 474.50%, underscoring the sector’s expanding role in the national economy.

Following agriculture, the financial and insurance activities sector saw a growth of 429.76%, while the manufacturing sector expanded by 414.15%.

However, some sectors faced challenges in Q2 2024.