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Manufacturers’ income tax falls 6.85% to ₦145b in Q4’23

Business News In Brief

In apparent reflection of the hardship being faced by manufacturing companies in Nigeria, the income tax paid by the manufacturers fell by 6.85 percent quarter-on-quarter (QoQ) to N145.06 billion in the fourth quarter ended December 31, 2023 (Q$’23) from N155.72 billion in Q3’23. The decline in income tax paid by manufacturers comes amidst the recent macroeconomic challenges facing the companies, especially foreign exchange (forex) volatility, naira devaluation and energy crises among others, which have resulted in dwindling fortunes manifested in declining revenue and pre-tax profit in the last one year.


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