10 Banks’ Income Tax Rises By 28% To N260bn In 2022

To improve the country’s revenue drive, 10 commercial banks listed in the Nigerian Exchange Group, NGX, paid N260.3 billion in Company Income Tax, CIT, in 2022.

The figure represents a 28 per cent increase compared to N203.6 billion paid in 2021.

The banks disclosed this in their audited financial statements for 2022.

The contributing banks are Access, GTBank, UBA, Fidelity and Zenith.

Others are Union, Sterling, Ecobank, Stanbic and Unity banks.

The development comes as Profit After Tax, PAT, of the banks jumped to N1.06 trillion against N989.6 billion in 2021.

Meanwhile, the National Bureau of Statistics said the total CIT collections rose to N2.8 trillion in 2022 from N1.67 trillion in 2021.

Recall that Nigeria recorded the highest tax receipt in 2022 to the tune of N10 trillion.