Nigerian corporations on observe to declare highest company taxes ever in 2025 

Nigerian corporations are on observe to pay considerably extra taxes in 2025 and of the most important payouts in company historical past.

That is based on knowledge from a cross-section of publicly out there monetary statements reviewed by Nairametrics.

Information from about 30 listed corporations on the NGX (excluding banks and insurance coverage companies) present that about N1.007 trillion in company taxes was accrued within the first six months of the 12 months, already increased than the N664.09 billion recorded for the complete 2024 monetary 12 months.

Information from the federal government’s medium-term expenditure framework exhibits non-oil company taxes greater than doubled in 2024 to N4.6 trillion, largely on the again of devaluation and aggressive tax assortment.

Nigeria initiatives a complete company tax receipt of N5.66 trillion in 2025 and N6.6 trillion in 2026 per the MTEF knowledge.

What are the drivers?

A more in-depth take a look at the info exhibits, manufacturing corporations, telcos, and shopper items corporations on the listing are more likely to pay considerably extra taxes in 2025 as they return to profitability following a brutal 2024.

• Seplat Power is Nigeria’s largest taxpayer amongst listed corporations, remitting N411 billion in H1 2025, in comparison with N347 billion in all of 2024.
• Dangote Cement is subsequent incurring N209 billion in H1 2025, versus N229 billion in 2024, inserting it within the high three.
• MTN Nigeria adopted intently, with N207 billion in H1 2025, already surpassing the N150 billion credit score it acquired in 2024.
• BUA Cement (N33.9 billion in H1 2025) and Lafarge Africa (N67 billion in H1 2025) additionally reported considerably increased tax outflows.
• Client staples like Nigerian Breweries (N43.1bn) and Nestlé Nigeria (N37.8bn) additionally reported important tax liabilities regardless of working in a weak consumption atmosphere.

Collectively, Seplat, Dangote Cement, and MTN account for about 82% of all taxes paid by the businesses on this dataset.

The one main outlier is Oando Plc, which reported a N209.1 billion tax credit score in H1 2025. This credit score considerably diminished the gross taxes payable of all different companies (N1.22 trillion) to the reported N1.007 trillion internet.

Oando’s credit score doubtless displays deferred tax changes or accounting for prior losses, nevertheless it stands in sharp distinction to the heavy liabilities booked throughout the remainder of company Nigeria.

Why 2025 is completely different 

In 2024, most listed corporations have been hammered by foreign money devaluation, surging vitality prices, and better rates of interest, leaving them with large losses and tax credit.

• Against this, 2025 has seen corporations swing again into taxable positions, even when margins stay tight.
• The cement trade, telecoms, and oil & gasoline at the moment are the spine of presidency non-oil income collections.
• Client items corporations, although nonetheless beneath stress, are additionally starting to e book taxable earnings, reversing final 12 months’s credit.

Company Income for these corporations printed over N2.86 trillion within the first half of this 12 months, in comparison with about N923 billion in the entire of 2024.

What this implies 

With over N1 trillion collected from this small pattern in six months, the Federal Authorities’s non-oil tax receipts are poised to exceed 2024 ranges considerably.

• Heavy dependence on a handful of corporations, notably Seplat, MTN, and Dangote Cement, means authorities tax income is susceptible to any downturn in these sectors.
• Rising tax costs verify that corporates are returning to profitability in naira phrases.
• Nonetheless, it additionally means heavier stress on internet margins in 2025, particularly for companies nonetheless contending with FX volatility and excessive enter prices.

Most banks and insurance coverage companies beneath our protection are but to launch their half-year 2025 outcomes.

Nonetheless, Nairametrics expects insurance coverage corporations to put up increased tax liabilities this 12 months, reflecting the surge in profitability many insurers recorded within the first half.

For banks, tax receipts are more likely to are available solely barely increased than 2024, as earnings progress is projected to stay secure, in comparison with the outsized revenue enlargement seen within the earlier 12 months.

Be aware: Figures in brackets point out tax credit