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NBS: Company income tax increased by N97.05bn to N392bn in Q1 2021

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The National Bureau of Statistics (NBS) says Nigeria generated a total sum of N392.77 billion from company income tax (CIT) in the first quarter (Q1) of 2021.

This is contained in NBS recent report on ‘Company Income Tax By Sectors (Q1 2021)’.

CIT is a tax on the profits of incorporated entities in Nigeria, it also includes the tax on the profits of non-resident companies carrying on business in Nigeria.

According to the report, Q1 2021 CIT revenue represents an increase of 32.82 percent (N97.05 billion) as against the N295.72 billion generated in the fourth quarter (Q4) of 2020.

By sector, top contributors of CIT in Q1 2021 were breweries, bottling and beverages with N23.26 billion; professional services including telecoms with N18.17 billion; and state ministries and parastatals generated N17.35 billion.

The sectors that generated the least amount of CIT were textile and garment industry with N13.49 million; mining (N34.40 million); and automobiles and assemblies (N73.57 million).

For CIT generated quarter-on-quarter, Q1 2015 revenue was N170.17 billion; Q1 2016 CIT declined by 1.95 percent to N166.86 billion; Q1 2017 revenue increased to N155.96 billion; Q1 2018 had N203.69 billion; Q1 2019 revenue was N232.81.

Meanwhile, Q1 2021 CIT revenue likewise represents an increase of 32.84 percent as against the N295.68 billion generated in Q1 2020.

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JUST IN: Old naira: IMF asks FG, CBN to extend February 10 deadline

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The International Monetary Fund (IMF) has called for the extension of the February 10 deadline to phase out the old naira notes.

The International monetary body made the call just after the Supreme Court had restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline.

The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, said the plea was on the hardship Nigerians were exposed to over the issue.

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It said: “in light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist  in the next few days leading up to the February 10, 2023 deadline”.

The IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.

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Cash crunch: Protesters defy police in Abeokuta, make bonfires on major roads

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Residents of Abeokuta, Ogun State, took to the streets on Tuesday protesting the scarcity of cash and the attendant pains.

Major streets affected by the protests are Aladesanmi, Fajol and Somorin in Obantoko area of Abeokuta as the protesters made bonfires and chanted anti-CBN songs
The Sapon branch of First Bank was also vandalised and the protesters tried to set it ablaze.
Ogun Police spokesman, Abimbola Oyeyemi, confirmed the protest, saying police officers were on the ground to monitor the situation and prevent the destruction of property and loss of lives.
He said some group of boys were involved in the crisis.
The police later came to disperse the protesters but they regrouped as soon as the operatives withdrew from the scene.
The situation affected vehicular movement as motorists and pedestrians ran in different directions to avert being caught up in the chaotic situation.

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Court frees Diezani associate Omokore of $1.6bn fraud

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An Abuja federal high court on Tuesday discharged and acquitted Jide Omokore, chairman of Atlantic Energy Drilling Concepts Nigeria Limited, of $1.6bn fraud allegations.

Omokore, an associate of former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, was arraigned by the Economic and Financial Crimes Commission (EFCC) with Victor Briggs, Abiye Membere, and David Mbanefo on a 15-count charge on July 4, 2016.

They were accused of fraudulently diverting the $1.6bn said to be part of proceeds of sales of petroleum products belonging to the Federal Government.

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