The National Bureau of Statistics (NBS) reports that the federal government earned N2.47 trillion from company income tax (CIT) in the second quarter (Q2) of 2024.

According to the NBS’s Q2 CIT report, released on Monday, this figure represents a significant 150.83% increase from the first quarter (Q1) earnings.

The CIT is levied on profits of incorporated entities in Nigeria, including non-resident companies operating locally.

In Nigeria, the CIT is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover between N25 million and N100 million.

“On the aggregate, Company Income Tax (CIT) for Q2 2024 was reported at N2.47 trillion, indicating a growth rate of 150.83% on a quarter-on-quarter basis from N984.61 billion in Q1 2024,” the bureau said.

“Local payments received were N1.35 trillion, while Foreign CIT Payment contributed N1.12 trillion in Q2 2024.”

A sectoral analysis of the revenue on a quarterly basis showed that agriculture, forestry and fishing recorded the highest growth rate at 474.5 percent, followed by financial and insurance activities (429.76 percent) and manufacturing (414.15 percent).

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with -30.22% followed by activities of extraterritorial organizations and bodies with -15.67%,” the bureau said.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were Financial and insurance activities with 15.53%; manufacturing with 8.99%; and Information and communication with 7.84%.

“Nevertheless, the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by water supply, sewerage, waste management, and remediation activities with 0.02% and activities of extraterritorial organizations and bodies with 0.03%.”

On a year-on-year basis, the NBS said CIT collections in the period examined increased by 59.52 percent from N1.55 trillion recorded in Q2 2023.

On June 4, Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms, said the committee proposed a reduction of the company income tax by 5 percent.

He said the tax rate should drop from 30 percent to 25 percent to encourage businesses and investors.

A middle-aged man, simply identified as Alfa Ahmed, has reportedly murdered his grandfather and uncle in Ibadan, the capital of Oyo State, for an alleged money ritual.

It was gathered that Ahmed murdered his grandfather, who was visually impared, at the back of a popular market in Apete, in the Ido Local Government Area of the state, on Sunday evening.

According to The Punch, an eyewitness said, “The suspect, popularly called Alfa Ahmed in the area took advantage of his grandfather’s condition because the man was visually impaired, while his uncle too was not feeling fine when the incident occurred.”

Unconfirmed reports added that the mission of the suspect was to use parts of their bodies for money ritual.

Another source said, “The victims reside in the same place with the suspect at the back of popular market in Apete when the incident happened around 6.pm to 6.30pm yesterday (Sunday). And people alerted the police about the unfortunate incident because the whole place was tensed.”

When contacted, the state Police Public Relations Officer, Adewale Osifeso, confirmed the incident.

He said investigations had commenced on the incident, and an update would be provided.

“Investigation has commenced into the matter. Updates will be provided accordingly, please,” he stated.

Labour Party National Chairman, Julius Abure, has announced that the party’s 2027 presidential ticket is now open to all members.

Abure made this declaration during a press briefing following the party’s National Executive Committee meeting in Abuja on Monday.

This development indicates a shift from previous expectations that the ticket would be reserved for Peter Obi, the party’s 2023 presidential candidate.

He said, “NEC in session also reviewed the decision of the National Convention to reserve its Presidential and Governorship tickets for Peter Gregory Obi and Alex Otti, respectively.

“Consequently, all party tickets from the Presidency to the House of Assemblies are open to all qualified Nigerians.”

Abure also ruled out an automatic second-term ticket for the Governor of Abia State, Alex Otti, on the party’s platform, saying that the seat will be open to other aspirants.

The chairman added that the Abia governor does not have the power to convene a stakeholders’ meeting that produced a caretaker committee led by a former Senator, Nenadi Usman.

He added, “The NEC in session noted that the Governor of Abia State, His Excellency Alex Otti, who convened the meeting, did not have the power within the Party’s Constitution as provided in Article 14 (4) (B) gives the power to call meetings only to the National Secretary with the approval of the National Chairman.

“NEC in session further reiterates that the Governor of Abia State does not even have the power to call his Ward Executive meeting without the approval and the consent of his Ward Chairman.

“The meeting contravenes the provisions of Section 82 (1) (2) (a) of the Electoral Act 2022, which provides as follows: 82 (1) Every registered political party shall give the Commission at least 21 days’ notice of any Convention, Congress, Conference or meeting convened for the purpose of ‘merger’ and electing members of its executive committees, other governing bodies or nominating candidates for any of the elective offices specified under this act.”

Speaking further, Abure said no governor could harass them out of office, adding that such a person cannot dissolve the National Working Committee, dissolve state councils, or dissolve local government councils.

He said, “No governor that we gave ticket can harass us out of office; no governor, no matter how highly placed, will come and with a fiat, dissolve the NWC, dissolve state councils, or dissolve LG councils; even a military government would not do that. The mandate given to me and my team as leaders of the Labour Party at the convention of the party held on the 27th day of March 2024, will be defended.

“We are at a critical moment in the life of our party. Recent events have shown that those who should stand with us in the fight for a better restructured, organized and united party have chosen a different path.

“A path not of unity, but of division. I speak, of course, of the illegal gathering that took place in Abia State, an attempt to create a rift within our party, led by none other than His Excellency Peter Obi and Governor Alex Otti. This meeting, held without the authority or consent of the National Executive Council, sought to install a so-called ‘new leadership’.

“Let me be clear: this action was not just illegal. It was a betrayal of everything the Labour Party stands for. A reward for loyalty with ingratitude, a reward for support with insubordination.”