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Company Income Tax Increased By 150.83% To N2.47trn In Q2 2024 — NBS

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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.

BIG STORY

Why Making Movies The Nollywood Way Is An Important Book — By Niran Adedokun

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“The 1992 release of Living in Bondage has been widely touted as the beginning of new Nollywood as we know it. This was when Nigerian filmmaking transitioned into portable can-be-watched at home VHS-recorded movies. And as viewing options transformed from clunky VHSs to lightweight CD-ROMs and subsequently to ubiquitous internet-based streaming platforms, Nollywood has also evolved to include new stories, actors, production techniques, production crews and filmmakers. While most of these transitions and players have been captured in books, documentaries and other media formats, little to nothing has been done to document the filmmaking process the Nollywood way.

What this implied was that new and aspiring filmmakers had no handbook they could turn to for guidance on what they need to know, have and be to produce a movie in Nigeria. Such newbies could only rely on snippets from interviews or if lucky, studying at a filmmaking school or getting a chance to learn practically by working on a movie set. Although studying and learning by doing have advantages, they do not give the benefit of drawing from the wealth of experience of multiple veteran filmmakers at the same time, which limits new filmmakers’ worldview and consequently the quality of work they produce.

Having identified and seen the need to close this gap, Seun Oloketuyi embarked on an audacious project, the result of which is this book. In Making Movies the Nollywood Way, Seun set to answer seven essential questions, the answers of which would set aspiring and new filmmakers on the path to success: 1. What does the filmmaking process entail? 2. What is filmmaking in Nigeria like? 3. How does timing work in Nollywood? 4. What funding options are available, and budgeting considerations should a Nigerian filmmaker factor in? 5. What challenges, in addition to location scouting, should filmmakers watch out for? 6. What are the key ingredients for success and marketing in Nollywood? And finally, how does a typical day on set look like for a Nollywood filmmaker?

To answer these questions, Seun turns to the “who’s who”, the major players, the ace directors and filmmakers across Nollywood with decades of experience and scores of movies in their portfolios. From Tope Oshin to Biodun Stephen, Ibrahim “Itele” Yekini, Robert Peters, Wale Adenuga, Tade Ogidan, Zeb Ejiro, Ayo “AY” Makun, Emem Isong, Zik Zulu Okafor, Rogers Ofime, Fidelis Duker, Lancelot Imasuen, and Ali Nuhu. Thankfully, these movie afficionados do not hold back. From having to work with tight or non-existent budgets to battling louts who frustrate film shoots to identifying knowing the right stories that captivates the Nigerian audience. The unvarnished truth is laid bare and the joys and frustrations of filmmaking the Nollywood way are exposed, with the hope of steering the course of the next generation of filmmakers

I am not surprised at what Oloketuyi has documented. Rather, I find myself asking, what took him so long? I have known and collaborated with Mr Oloketuyi for nearly three decades. I have followed with admiration the great work he has been doing in ensuring the Nigerian film industry gets the accolades and recognition due it. This was part of why he established the “Best of Nollywood” Awards in 2009, to annually recognise outstanding achievements in Nollywood. Having dabbled into filmmaking himself, Seun is able to empathise with filmmakers and with his decades of experience working in the industry he knows where the shoe pinches.

In writing this book, Oloketuyi has further shown that he is concerned not only about the present but the future of Nollywood. This book is a timely resource for everyone who is interested in filmmaking in general and especially filmmaking the Nigerian way. I urge aspiring, young and new movie makers to read, imbibe and apply the copious lessons it has to offer. As they say, experience is the best teacher, but it doesn’t necessarily have to be one’s own experience. Reading this book will ensure new filmmakers do not need to reinvent the wheel by waste time, money, and other resources in navigating the filmmaking business in Nigeria. With this book, you do not get frustrated before you even begin like is the experience of many people.

This book is also recommended to decision makers, policy makers, government agencies and other stakeholders who have the power to shape and influence the filmmaking industry. Tales of poor funding and other infrastructural deficits are rife within this book, begging for an urgent intervention to promote the survival and sustainability of Nollywood. A well-functioning Nollywood is essential if the next generation of thespians and film production experts are to embrace it as a career path. It if critical to the future of the country, and the urgent need for it to diversity its economy and make harness the endless potential in this largely privately motivated industry.

 

Niran Adedokun

Author of Ladies Calling the Shots

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BIG STORY

Ex-Commissioner Jude Dakur Announces Plateau Governorship Bid Under APC, Gets Party Stakeholders’ Backing [PHOTOS]

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The political atmosphere in Plateau State gained fresh momentum on Friday as Hon. Jude Eli Dakur formally declared his intention to contest for the governorship of Plateau State in 2027 under the platform of the All Progressives Congress (APC).

Dakur made the declaration before the leadership of the APC in Kerang Ward, his immediate ward, as well as the Mangu Local Government Executive Committee and members of the State Executive Council. His announcement was met with overwhelming support from stakeholders, party leaders, and enthusiastic supporters who commended his courage and readiness to serve.

A former Commissioner of Education and Commissioner for Mineral Development in the state, Dakur is regarded as an experienced administrator with the skills to drive growth and development.

Speaking at the event, Dakur reaffirmed his passion for the progress of Plateau State and pledged to bring vision, integrity, and competence into governance if elected governor.

Grassroots mobilisers and various organisations present pledged their commitment to the “Faith Project” movement, promising to spread the message of transformation and unity across communities in the state.

The declaration has set the stage for what supporters describe as a new wave of political momentum for the APC in Plateau State as preparations for the 2027 elections gather pace.

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BIG STORY

BREAKING: Ibrahim Shatta Loses Son Few Days After Peju Ogunmola Lost Only Son

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Popular Yoruba actor and filmmaker, Ibrahim Chatta, has announced the death of his son.

The actor broke the news on his Instagram page on Saturday, expressing grief and submitting to the will of God.

“Inna liLlahi wa inna ileyhi rajiun. Ya Allah, You are the Knower of all things. Rest on Dear Son, Champ,” he wrote.

Chatta’s loss comes only days after fellow actress Peju Ogunmola also lost her only son with veteran actor Sunday Omobolanle, popularly known as Papi Luwe.

The twin tragedies have thrown Nollywood into mourning, with condolences pouring in from colleagues and fans of both families.

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