CIT is a tax on the profits of registered companies in Nigeria. It also includes the tax on the profits of foreign companies carrying on any business in Nigeria.
The CIT is currently charged at the rate of 30 percent for companies having more than N100 million in turnover — and 20 percent for companies with a turnover between N25 million and N100 million. According to the NBS, the revenue represents an increase of 29.53 percent on a quarter-on-quarter basis from N551.53 billion generated in Q1 2022.
And the money has been used for what? You guys should stop ridiculing yourselves with meaningless figures while the country is in tatters economically and securitywise!
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