Kayode Tokede
The main overhaul of Nigeria’s tax system by the federal authorities has began to yield fruits as simply 20 companies listed on the Nigerian Exchange Limited (NGX) paid a whooping N3.04 trillion as earnings tax to Nigeria Revenue Service (NRS) and different businesses in first half ended June 30, 2026.
This represents a rise of 79.5 per cent from N1.69 trillion remitted in first half of 2025.
The companies reduce throughout banking sector, cement manufacturing, Fast Moving Consumer Goods (FMCG), telecommunication, amongst different sectors in Nigeria economic system.
The normal company earnings tax price stays 30 per cent, however the reforms by NRS launched a 4 per cent growth levy on assessable income for corporations inside scope. This levy changed a number of separate federal levies, so the web influence is dependent upon what every firm paid beforehand.
Nigeria’s tax reforms, notably the Nigeria Tax Act 2025 and associated laws that took impact on January 1, 2026, have necessary implications for corporations listed on the NGX.
They have an effect on company tax prices, money move, dividend capability, funding selections, compliance bills and, doubtlessly, share-price efficiency.
But professional consider the influence won’t be the identical for each firm. “It will depend on profitability, sector, tax incentives, capital expenditure, financing structure and how effectively each company adapts to the new rules,” mentioned a tax professional.
Meanwhile, evaluation of the monetary outcomes of the 20 companies confirmed that Seplat Energy Plc, adopted by Aradel Holdings paid the best tax to income businesses within the interval underneath evaluate.
Seplat Energy within the H1 2026 declared N564.94 billion tax bills, a 37.2 per cent enhance over N411.59 billion reported in H1 2025, whereas Aradel Holdings introduced N561.7 billion tax bills in H1 2026, up by 1150.4 per cent from N44.92billion in H1 2025.
Seplat in a press release mentioned, “In accordance with IAS 34: Interim Financial Reporting, earnings tax expense for the interim interval has been decided utilizing the estimated weighted common annual efficient earnings tax price anticipated for the total monetary 12 months. This estimate is reviewed at every interim reporting date and adjusted, the place mandatory, to replicate modifications within the anticipated annual tax price.
“Income tax expense for the group is analysed by Oil section – Half 12 months ended N533.7 billion (H1 2025: N353.5 billion); 3 months ended N372.9 billion (H1 2025: N97.5 billion) and Gas Segment – Half 12 months ended N31.2 billion (H1 2025: N58.1 billion); 3 months ended N15.4 billion (H1 2025: N34.8 billion).
The firm mentioned it has utilized the provisions of the Nigeria Tax Act 2025, which grew to become efficient in January 2026 and require Education Tax, the NASENI levy, and the Police Trust Fund Levy to be consolidated into Development Levy.
In the interval underneath evaluate, MTN Nigeria Communications Plc declared N384.05billion tax earnings, which is 85 per cent enhance over N207.41 billion in H1 2025. Dangote Cement introduced N342.85 billion earnings tax expense in H1 2026, a development of 63.6 per cent from N209.6billion reported in H1 2025.
Of the N3.04 trillion earnings tax expense, a complete of 9 banks remitted N845.79 billion in H1 2026, about 42 per cent enhance over N596.79 billion in H1 2025.
Zenith Bank led eight others with the best tax earnings within the interval, asserting N206.84 billion, about 121.34 per cent enhance over N93.45billion within the corresponding interval of 2025.
(*20*) the 121.34 per cent enhance in tax earnings, Zenith Bank noticed its revenue dropped by 19.06 per cent to N430.76 billion in H1 2026.
Analysts expressed the significance of corporations remitting taxes to authorities businesses, stressing that itemizing on the NGX offers room for corporations to be clear in tax cost to authorities businesses.
Commenting, Vice-President, Highcap Securities Limited, Mr. David Adnori acknowledged that listed corporations could also be paying extra taxes this 12 months, stressing on its significance on shareholders’ return.
He mentioned failure to pay tax by listed corporations would possibly pressure the federal government to shut branches and truncate operations, stating that the tax system in Nigeria have to be streamlined to improve efficient remittance so as not to create dispute between the corporate and the federal government.
He, nevertheless, added that tax remittance is supposed to facilitate financial development and corporations should all the time oblige in selling remittance, most particularly to state governments the place they’ve branches.
According to him, taxes paid by corporations are based mostly on legal guidelines and rules, stressing that corporations are meant to play by the principles, which has to do with full disclosure.
He defined, “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, not that they are not deliberately not paying taxes.”
He burdened the necessity for banks to come collectively and make a complete tax earnings contribution to the nation’s Gross Domestic Product (GDP).
