6 Banks Paid Over N751 Billion in Taxes to Nigerian Government in 2024
Significant Tax Revenue Growth Recorded
Six major Nigerian banks collectively paid N751.796 billion in income taxes to federal and state governments for the 2024 financial year, according to official reports. This represents a staggering 189.9% increase from the N395.79 billion paid in 2023.
Bank-by-Bank Tax Contributions
The banks analyzed include:
- Zenith Bank Plc: N293.956 billion (up from N119.1 billion in 2023)
- GTCO Plc: N248 billion (up from N69.65 billion)
- Fidelity Bank Plc: N93.777 billion (up from N24.806 billion)
- Stanbic IBTC Plc: N78.485 billion (up from N32.290 billion)
- UBA Plc: N37.15 billion (down from N149.98 billion)
- Wema Bank Plc: N16.2 million (up from N7.675 million)
Tax Composition and Financial Performance
The tax payments included various categories:
- Corporate tax
- Withholding tax on dividend income
- Education tax
- NASENI IT levy
- Police Trust Fund contributions
- Windfall levies
Concurrently, these banks reported N3.41 trillion in Profit After Tax (PAT) for 2024, marking a 62.38% increase from the N2.1 trillion recorded in 2023.
Expert Analysis and Recommendations
Mr. Okechukwu Unegbu, former CIBN President, commented:
“The tax increase benefits government revenue, but Nigeria’s stock market remains underdeveloped with only about 140 listed companies compared to 2,000-3,000 in other markets.”
He specifically criticized the delay in listing NNPC Limited and urged more government-owned companies to list, which would encourage private sector participation.
Ms. Pearl Ogbunobi, another financial expert, emphasized:
“We need to see these substantial tax payments translate into tangible infrastructure development and support for local businesses.”
The data was compiled from audited financial statements monitored on the Nigerian Exchange Group (NGX) platform by NAN correspondents.
Source: Daily Nigerian