In 2025, Nigeria’s 30 biggest firms collectively paid N2.32 trillion in income taxes, reflecting an 86 percent increase from the N1.14 trillion remitted in 2024. This amount represents about 12.9 percent of the Nigeria Revenue Service’s total tax revenue for the year, which stood at N17.8 trillion. The NRS disclosed that company income taxes accounted for 51.7 percent (N9.21 trillion) of total revenue, meaning Nigeria’s largest listed firms were responsible for about 25 percent of all CIT paid in 2025.
At the company level, Seplat Energy emerged as the highest taxpayer, remitting N641.03 billion to the federal government. Under Nigeria’s 30 percent corporate income tax framework, Seplat calculated its CIT at N226 billion, but additional charges such as the education tax and unrecognised deferred tax assets pushed its effective income tax expense to N513 billion. Commercial banks remained top contributors, with seven of the eight most capitalised banks paying N1.3 trillion in income taxes, a 105 percent increase from N632 billion paid in 2024. Ecobank led with N431.5 billion, followed by Zenith Bank (N391.1 billion) and Guaranty Trust Holding Company (N301.3 billion).
Analyst Yvonne Afolabi noted that a relatively small group of highly capitalised, high-compliance firms now bear a disproportionately large share of the formal sector’s tax burden, exposing a structural concentration risk. “The government’s CIT revenue is becoming heavily dependent on a handful of NGX-listed giants, while the vast majority of other registered companies contribute far less”. Meanwhile, Finance Minister Taiwo Oyedele disclosed that a proposal to reduce the CIT rate from 30 percent to 25 percent is under consideration, requiring approval from the National Economic Council.
