Nigeria’s biggest listed companies contributed nearly N1 trillion into government coffers in the first half of 2025, underscoring both buoyant earnings and a tougher tax environment.
Figures from unaudited and audited filings on the Nigerian Exchange (NGX) showed that Seplat Energy, MTN Nigeria, Dangote Cement, Zenith Bank, and one other company remitted a combined N944.41 billion in taxes to the Federal Inland Revenue Service (FIRS) and other agencies between January and June.
This represents a 302 per cent increase from the N247.56 billion recorded a year earlier. Seplat Energy led the pack with tax expenses of N411.6 billion, more than double its 2024 outlay, driven by higher earnings and a steep effective tax rate.
MTN Nigeria followed with N207.4 billion, a 189 per cent jump as the telecoms group swung to a post-tax profit of N414.9 billion from a loss last year. Dangote Cement paid N209.6 billion, up 103 per cent, while Zenith Bank’s bill fell 37per cent to N93.45 billion.
Beyond the headline 30 per cent corporate income tax, which drops to 25 per cent from 2026, Nigerian firms are also subject to levies such as the 2.5 per cent Tertiary Education Tax, NITDA and NASENI charges, and the Nigeria Police Trust Fund levy. Analysts say the layering of these obligations has widened government receipts, though reforms may soon streamline the system.
President Bola Tinubu last year set up a Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, to simplify Nigeria’s complex tax regime and improve compliance.
“The rise in tax payments reflects stronger profits and tighter enforcement,” said Vice President at Highcap Securities, David Adnori. “But companies must brace for further increases if new reforms kick in.”
Tax experts note that banks enjoy exemptions on income from treasury bills, government bonds, and agricultural loans, tempering their effective rates compared with manufacturers. Even so, compliance is key, they warn, as failure to remit taxes can attract branch closures or operational sanctions.
Chief Operating Officer at InvestData Consulting, Ambrose Omordion, argued that listing on the NGX enhances transparency. “Firms that avoid the market often hide their numbers,” he said. “Once government and FIRS enforce disclosure, companies will have no choice but to remit taxes properly, boosting non-oil revenue.”
Corporate Nigeria’s improved profitability, helped by steadier forex supply, a firmer naira, and investor-friendly reforms, has given government tax takings an extra lift. With fresh fiscal rules due in 2026, the interplay between earnings, policy, and compliance will shape how much the treasury collects in the next few years.