Nigeria’s 10 Largest Taxpayers in 2024 Amid Tax Reforms
Amid heated debates surrounding Nigeria’s transformative tax reform bills, BusinessDay has spotlighted the top 10 corporate taxpayers of 2024. This ranking, derived from financial statements of companies listed on the Nigerian Exchange (NGX), offers insights into the fiscal contributions of leading firms amidst a booming tax landscape.
Key Highlights:
• Total Taxes Paid by NGX-30 Companies:
NGX-30 companies paid ₦800 billion in income taxes in the first nine months of 2024, up 110% from ₦381 billion in 2023.
• Top Performers:
Key contributors included Dangote Cement (₦128.7 billion) and MTN Nigeria (₦126.6 billion).
• Notable Absentees:
Major taxpayers like Access Holdings and Airtel Nigeria were excluded due to incomplete data.
The 2024 Top 10 Taxpayers
1️⃣ Dangote Cement:
• Taxes Paid: ₦128.7 billion
• Growth: 3% YoY
2️⃣ MTN Nigeria:
• Taxes Paid: ₦126.6 billion
• Decline: 31% YoY despite claiming significant tax credits.
3️⃣ UBA (United Bank for Africa):
• Taxes Paid: ₦102.3 billion
• Growth: 227% YoY, ranking as the top taxpayer in Nigeria’s banking sector.
4️⃣ Seplat Energy:
• Taxes Paid: ₦95.9 billion
• Growth: 169% YoY, with an effective tax rate of 86%.
5️⃣ GTCO Holdings:
• Taxes Paid: ₦83.1 billion
• Growth: 1% YoY.
6️⃣ Zenith Bank:
• Taxes Paid: ₦78.1 billion
• Decline: 5% YoY, though the overall tax expense surged.
7️⃣ FBN Holdings:
• Taxes Paid: ₦37.2 billion
• Growth: 49% YoY.
8️⃣ Dangote Sugar Refinery:
• Taxes Paid: ₦22.3 billion
• Growth: 37% YoY, despite posting losses before tax.
9️⃣ Stanbic IBTC Holdings:
• Taxes Paid: ₦20.2 billion
• Growth: 33% YoY.
Nestle Nigeria:
• Taxes Paid: ₦19 billion
• Decline: 27% YoY, with losses cutting deeper.
Taxation Landscape
This analysis highlights the growing role of corporate taxes in Nigeria’s economy and underscores the significant financial burden borne by leading firms. As debates around tax reforms intensify, these companies remain key players in funding national development.
Let’s Discuss!
What role should these reforms play in balancing corporate contributions with economic growth? Share your thoughts!
Amid heated debates surrounding Nigeria’s transformative tax reform bills, BusinessDay has spotlighted the top 10 corporate taxpayers of 2024. This ranking, derived from financial statements of companies listed on the Nigerian Exchange (NGX), offers insights into the fiscal contributions of leading firms amidst a booming tax landscape.
Key Highlights:
• Total Taxes Paid by NGX-30 Companies:
NGX-30 companies paid ₦800 billion in income taxes in the first nine months of 2024, up 110% from ₦381 billion in 2023.
• Top Performers:
Key contributors included Dangote Cement (₦128.7 billion) and MTN Nigeria (₦126.6 billion).
• Notable Absentees:
Major taxpayers like Access Holdings and Airtel Nigeria were excluded due to incomplete data.
The 2024 Top 10 Taxpayers
1️⃣ Dangote Cement:
• Taxes Paid: ₦128.7 billion
• Growth: 3% YoY
2️⃣ MTN Nigeria:
• Taxes Paid: ₦126.6 billion
• Decline: 31% YoY despite claiming significant tax credits.
3️⃣ UBA (United Bank for Africa):
• Taxes Paid: ₦102.3 billion
• Growth: 227% YoY, ranking as the top taxpayer in Nigeria’s banking sector.
4️⃣ Seplat Energy:
• Taxes Paid: ₦95.9 billion
• Growth: 169% YoY, with an effective tax rate of 86%.
5️⃣ GTCO Holdings:
• Taxes Paid: ₦83.1 billion
• Growth: 1% YoY.
6️⃣ Zenith Bank:
• Taxes Paid: ₦78.1 billion
• Decline: 5% YoY, though the overall tax expense surged.
7️⃣ FBN Holdings:
• Taxes Paid: ₦37.2 billion
• Growth: 49% YoY.
8️⃣ Dangote Sugar Refinery:
• Taxes Paid: ₦22.3 billion
• Growth: 37% YoY, despite posting losses before tax.
9️⃣ Stanbic IBTC Holdings:
• Taxes Paid: ₦20.2 billion
• Growth: 33% YoY.
Nestle Nigeria:
• Taxes Paid: ₦19 billion
• Decline: 27% YoY, with losses cutting deeper.
Taxation Landscape
This analysis highlights the growing role of corporate taxes in Nigeria’s economy and underscores the significant financial burden borne by leading firms. As debates around tax reforms intensify, these companies remain key players in funding national development.
Let’s Discuss!
What role should these reforms play in balancing corporate contributions with economic growth? Share your thoughts!