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The Nigerian manufacturing sector has experienced a notable increase in tax contributions, reaching a nine-month peak in the second quarter of 2024 despite prevailing economic challenges.
This is based on newly released data from the National Bureau of Statistics (NBS).
In Q2 2024, manufacturers paid a total of N405.86 billion in taxes, which includes both Company Income Tax (CIT) and Value Added Tax (VAT).
This marks an 84.1% rise from the N220.35 billion collected in Q1 2024, though it represents a slight 2.1% decline compared to the N414.51 billion recorded in the same period in Q2 2023.
