Twenty firms listed on the Nigerian Exchange Limited paid N3.04 trillion in income tax to the Nigeria Revenue Service and other agencies in the first half ended June 30, 2026, representing a 79.5 per cent increase from N1.69 trillion in the same period of 2025. The companies span banking, cement manufacturing, fast-moving consumer goods and telecommunications sectors.
The increase follows Nigeria's tax reforms, particularly the Nigeria Tax Act 2025, which took effect on January 1, 2026. The standard corporate income tax rate remains 30 per cent, but the reforms introduced a 4 per cent development levy on assessable profits for companies within scope, consolidating several separate federal levies.
Seplat Energy Plc and Aradel Holdings led the tax payers. Seplat Energy declared N564.94 billion in tax expenses in H1 2026, a 37.2 per cent increase over N411.59 billion in H1 2025, while Aradel Holdings reported N561.7 billion, up 1150.4 per cent from N44.92 billion in the prior year. MTN Nigeria Communications Plc declared N384.05 billion and Dangote Cement announced N342.85 billion.
Nine banks remitted N845.79 billion in the period, about 42 per cent higher than N596.79 billion in H1 2025. Zenith Bank led with N206.84 billion, a 121.34 per cent increase from N93.45 billion a year earlier. However, Zenith's profit dropped 19.06 per cent to N430.76 billion in H1 2026.
A tax expert noted that the reforms' impact will vary by company, depending on profitability, sector, tax incentives, capital expenditure and financing structure. David Adnori, Vice-President of Highcap Securities Limited, stressed that listed companies' transparency in tax payments helps economic growth and that the tax system must be streamlined to avoid disputes between companies and government.