Seven of Nigeria’s leading banks remitted a total of ₦674.68 billion in taxes to the federal government in the first half of 2025, reflecting a 14.69 percent increase from ₦588.25 billion recorded in the same period last year. The rise underscores the sector’s strong earnings performance and the impact of new regulatory levies.
A review of the financial statements of Ecobank Transnational Incorporated, Guaranty Trust Holding Company (GTCO), Access Holdings, Zenith Bank, United Bank for Africa (UBA), First HoldCo, and Wema Bank revealed mixed trends in tax expenses, driven by growth in profit before tax and adjustments in deferred tax provisions. According to financial experts, tax expenses represent liabilities owed to various levels of government based on a company’s financial results over a given period.
Ecobank led the pack with ₦186.35 billion in tax payments for the first six months of 2025 — a 41 percent jump from ₦132.49 billion a year earlier. GTCO followed closely, remitting ₦151.89 billion compared to ₦98.21 billion in 2024, largely due to higher company income tax and sector-specific levies, including contributions to the Financial Sector Clean-up Levy and the National Fiscal Stabilisation Levy. The group also paid statutory dues to the National Information Technology Development Fund and the National Agency for Science and Engineering Infrastructure.
Access Holdings posted a tax expense of ₦104.66 billion, up from ₦67.6 billion in the previous year, driven by increased corporate income tax and deferred tax adjustments. In contrast, Zenith Bank reported a decline in total tax expenses to ₦93.45 billion from ₦149.03 billion, reflecting improved tax efficiency and lower deferred tax liabilities despite higher income tax payments.
UBA paid ₦52.88 billion in taxes, down from ₦85.22 billion in 2024, owing to deferred tax credits across its African operations. First HoldCo recorded ₦72.38 billion, marking a 40 percent rise year-on-year, while Wema Bank posted ₦13.07 billion, a sharp increase from ₦3.97 billion in the first half of 2024. The data collectively highlight a resilient banking sector navigating increased taxation and evolving regulatory demands amid a recovering economy.
source: punch