Six Nigerian banks have paid a total of N751.796 billion in taxes to the Federal and State Governments for the 2024 financial year, which ended on December 31, 2024. This marks a 189.9 percent increase from the N395.79 billion paid in the 2023 financial year.
The banks, which include Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc, also reported profits for the year.
According to their audited financial statements published on the Nigerian Exchange Group (NGX) platform, GTCO paid N248 billion, up from N69.65 billion in 2023. Zenith Bank paid N293.956 billion, a significant increase from N119.1 billion in the previous year. Fidelity Bank’s tax payment reached N93.777 billion, up from N24.8 billion in 2023, while UBA’s payment dropped to N37.15 billion, down from N149.98 billion in the same period.
Stanbic IBTC paid N78.485 billion, compared to N32.29 billion last year, and Wema Bank paid N16.2 million, a slight increase from N7.675 million in 2023.
The taxes include corporate tax, withholding tax on dividends, education tax, National Agency for Science and Engineering Infrastructure (IT) levy, Police Trust Fund levy, windfall tax, and deferred taxes, among others.
Reacting to the increase in tax payments, financial expert and former president of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, said the rise in tax payments would benefit the government. He called for more companies, particularly state-owned enterprises, to list on the stock market to increase taxation and government revenue.
Unegbu criticized the delay in listing the Nigerian National Petroleum Company Limited (NNPCL) on the stock exchange, stressing that more companies listing would provide more tax income for the government. He expressed concern that rather than new companies entering the market, many were exiting.
He urged the government to create a more conducive environment for businesses to list and to take action on listing NNPCL to encourage other companies.
Another financial expert, Ms. Pearl Ogbunobi, called on the government to direct the increased tax revenue towards developing infrastructure and supporting local businesses.
For 2024, the banks reported a combined Profit After Tax (PAT) of N3.41 trillion, a 62.38 percent increase from the N2.1 trillion posted in 2023.
