29 Quoted Companies’ Taxes Rise By 176% To N3.06trn In 9 Months

At least, 29 listed companies paid N3.06 trillion taxes to the Federal Inland Revenue Service (FIRS), among other revenue agencies in nine months of 2025.

This translates to. about 176 per cent increase over N1.11 trillion paid in the nine months of 2024.

The firms are made up of telecommunication, banks, cement manufacturing, agro-allied, petroleum marketing, power generating, breweries, Fast-Moving Consumer Goods (FMCG), among others companies playing a critical role in Nigeria’s economy.

Despite the N3.06 trillion tax expenses, the 28 companies in nine months of 2025 generated an estimated N7.6 trillion profit, about 77.4 per cent increase over N4.3 trillion in nine months of 2024.

Extracts from the nine months of 2025 unaudited results that was released on Nigerian Exchange Limited (NGX) revealed that Seplat Energy paid the highest tax, followed by Ecobank Transnational Incorporated, MTN Nigeria Communications Plc and Dangote Cement Plc.

Seplat Energy paid revenue agencies N732.35 billion, representing an increase of 133per cent from N313.93 billion paid in nine months of 2024. Ecobank Transnational Incorporated (ETI) tax expenses stood at N302.88 billion in nine months of 2025, up by 39.8per cent from N216.61 billion in nine months of 2024, while MTN Nigeria Communications declared N376.3 billion tax expenses in nine months of 2025, as s against tax income of N198.7 billion in nine months of 2024. In addition, Dangote Cement in nine months of 2025 paid N297.7 billion tax, a growth of 134 per cent from N127.29billion in nine months of 2024.

Dangote Cement was named as the most tax-paying compliant organization in Nigeria in 2025 by the tax authority, Federal Inland Revenue Services (FIRS).

Analysts noted the importance of companies remitting taxes to government agencies, stressing on the role played by listing on the Exchange that gives room for companies to be transparent in tax payment to government agencies where they operate.

They added that the new government reforms may hike tax expenses on listed companies.

The vice-president, Highcap Securities Limited, David Adnori hinted that, listed companies may be paying more taxes this year, stressing on its importance on shareholders’ return.

He expressed that, failure to pay tax by listed companies might force the government to shut branches and truncate operations, stating that, the tax system in Nigeria must be streamlined to enhance effective remittance in order not to create dispute between the company and the government.

He however, added that, tax remittance is meant to facilitate economic growth and companies must always oblige in promoting remittance, most especially to state governments where they have branches.

According to him, taxes paid by companies are based on laws and regulations, stressing that companies are meant to play by the rules, which has to do with full disclosure.

He explained further that, “a good number of income that companies generate are exempted from tax. Banks are not meant to pay tax income on treasury Bills, government bonds and agriculture loans.

“If you take all of those, sometimes you will find out that tax banks are paying effectively on their profit, maybe less compared to manufacturing companies.”

He stressed on the need for banks to come together and make a total tax income contribution to the country’s Gross Domestic Product (GDP).