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FIRS Generates N532.5bn Tax From Companies In Q1 2022; Banks Borrowed N338.4bn From CBN In One Month; Online Payment Transactions Fall By N2.85 Trillion In April

The Federal Inland Revenue Service generated N532.5 billion as company tax in the first quarter of 2022.

FIRS Generates N532.5bn Tax From Companies In Q1 2022; Banks Borrowed N338.4bn From CBN In One Month; Online Payment Transactions Fall By N2.85 Trillion In April

This was contained in the Company Income Tax report released by the National Bureau of Statistics (NBS).

Specifically, company income tax revenue increased by 35.6% in Q1 2022 compared to N392.65 billion generated in the corresponding period of 2021. On a quarter-on-quarter comparison, company income tax revenue increased by 53.1% compared to N347.81 billion recorded in Q4 2021.

The report showed that Nigeria generated a total of N209.13 billion from local companies, which is 19.2% lower than the N259.85 billion generated in the previous quarter. However, it is 37.3% higher than the N152.33 billion recorded in Q1 2021.

Also, foreign CIT payment for the period under review was N323.35 billion, 263.5% and 75.3% higher than N88.96 billion and N184.47 billion recorded in Q4 and Q1 2021 respectively, while the FIRS recorded no revenue from other payments.

The manufacturing sector topped the list of sectors with the highest CIT remittance in Q1 2022 with N44.56 billion, followed by the ICT sector with N29.35 billion.

Banks Borrowed N338.4bn From CBN In One Month

Banks Borrowed N338.4bn From CBN In One Month

The Central Bank of Nigeria says it loaned some cash-strapped banks N338.4 billion in a month, odunews.com reports.

This was made known in the apex bank’s monthly report for January on ‘Standing facilities window operation.’

It stated, “Activities at the standing facility window during the period reflected improved banking system liquidity.

“Total Standing Lending Facility contracted considerably by 52.4 per cent to N338.4bn from N711.54bn in December 2021, the fallout of the improved banking system liquidity in the period.

“In addition, the activity at the inter-bank call segment contributed to the significant decline in SLF.

“Transactions at the Standing Deposit Facility increased by 7.0 per cent to N246.21bn from N230.22bn in the preceding month, further buttressing liquidity condition in the market.”

Online Payment Transactions Fall By N2.85 Trillion In April

Online Payment Transactions Fall By N2.85 Trillion In April

Online payment transactions in Nigeria fell by 8.2% in April, data on Nigeria Inter-Bank Settlement System (NISS) has shown.

The online transactions carried out in the country in April were 31.8 trillion naira as against 34.65 trillion recorded in March. This shows a difference of 2.85 trillion.

The total volume of e-payment transactions similarly fell by 18.7 million or 3.4 per cent to 529.7 million in April 2022, from 548.4 billion in March 2022.

However, year-on-year (YoY) the value of e-payment transactions rose by 42.9 per cent from N22.24 trillion in April 2021 while the volume rose by 46.5 per cent from 361.5 million in April 2021.

The volume of Point of Sale (PoS) transactions fell MoM by 7.7 per cent to 94.9 million in April 2022 from 102.9 million in March 2022.

Also, the value of PoS transactions fell by 19.8 per cent to N663.3 billion in April 2022 from N718.6 billion in March 2022.

Similarly, the volume of Mobile transactions fell by 1.4 per cent to 41.9 million in April 2022 from 42.5 million in March 2022 while the value decreased by 2.1 per cent to N1.34 trillion from N1.37 trillion in March 2022.

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