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Nigeria earns over N50bn as income tax from oil sector in 2020

Nigeria earns over N50bn as income tax from oil sector in 2020

Despite economic disruptions which characterised the year 2020, Nigeria was still able to rake in over N50 billion as income tax from the oil and gas sector within the first and the third quarter of the year.

The ‘Company Income Tax By Sectors (2015 – Q3 2020)’ report released by the National Bureau of Statistics, NBS showed that the amount was raised from oil-producing companies, oil-marketing companies, offshore operations, and gas companies.

A breakdown showed that oil-producing companies paid the sum of N9,436,071,825.59 as income tax in Q1, N8,563,023,965 in Q2, and N11,685,674,191 in Q3, making a total of N29,684,769,982 paid in the period under review. However, further dig showed that the country earned 13.66% less in income tax in 2020 when compared with 2019. Last year, oil Producers paid a total of N45,712,206,771 into government coffers.

Oil Marketers paid N2,337,162,280 in Q1, N2,994,669,567 in Q2, and N8,466,477,242 in the third quarter, a total of N13,798,309,090 paid by the sector. The country gained a huge 42.58% as income tax from oil marketers in 2020, as statistics revealed that when compared with 2019, revenue made from the sector in form of tax was a total of N15,043,608,644.

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Source: SweetCrudeReports

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