Nigeria’s Top Firms Pay Record N2.32 Trillion in Taxes as Banks Drive Corporate Contributions
Nigeria’s largest listed companies have set a new tax record, collectively paying N2.32 trillion in corporate income taxes in 2025, according to industry data. This marks a sharp 86 percent jump from the N1.14 trillion paid in 2024, underscoring stronger compliance among top firms despite ongoing economic pressures.
The contribution from these companies represents about 12.9 percent of total revenue collected by the Nigeria Revenue Service (NRS) in 2025, which stood at N17.8 trillion. More notably, corporate income tax accounted for over half of total tax revenue, showing how heavily government earnings still rely on business profitability, especially from listed firms.
At the company level, Seplat Energy emerged as the highest taxpayer, remitting over N641.03 billion, followed closely by major banks that dominated the list of top contributors. Seven of Nigeria’s biggest banks alone paid about N1.3 trillion in taxes, with Ecobank, Zenith Bank, and GTCO leading the pack. This surge reflects improved profitability and aggressive compliance across the financial sector.
Beyond banking, other sectors also contributed meaningfully. Consumer goods companies paid N56.2 billion, while agriculture firms and cement producers added significant but smaller portions. However, telecom giant MTN recorded a sharp drop in tax payments, highlighting how sector performance directly affects government revenue streams.
Analysts warn that despite the impressive figures, Nigeria’s tax system remains heavily concentrated on a small group of large companies, leaving the broader economy under-contributing. Experts say this creates vulnerability for government revenue, especially if key sectors like banking or oil and gas experience downturns. Meanwhile, proposed tax reforms, including a possible reduction of corporate tax rates from 30 percent to 25 percent, could reshape future compliance and business costs if approved in 2026.
source; Business day