Seven leading Nigerian banks collectively remitted ₦674.68 billion in taxes to the government in the first half of 2025, reflecting a 14.69 per cent increase from ₦588.25 billion recorded in the same period of 2024, according to an analysis of their half-year financial statements by The PUNCH.
The banks,Ecobank Transnational Incorporated, Guaranty Trust Holding Company (GTCO), Access Holdings Plc, Zenith Bank Plc, United Bank for Africa (UBA), First HoldCo Plc, and Wema Bank Plc, showed mixed performances influenced by growth in pre-tax earnings, regulatory levies, and deferred tax movements.
Ecobank emerged as the highest tax-paying institution, contributing ₦186.35 billion in the first half of 2025, a 41 per cent rise from ₦132.49 billion in 2024. The bank’s strong profit growth across its pan-African operations drove the surge, positioning it as the sector’s largest single contributor to government revenue during the period.
GTCO followed with a tax expense of ₦151.89 billion, up significantly from ₦98.21 billion recorded in the corresponding period of 2024. The rise was primarily driven by higher company income tax of ₦122.66 billion, alongside other statutory levies such as the Education Tax (₦8.95 billion), Financial Sector Clean-up Levy, and National Fiscal Stabilisation Levy, which together totalled ₦7.2 billion. The group also paid ₦4.26 billion to the National Information Technology Development Fund (NITDA) and ₦1.06 billion to the National Agency for Science and Engineering Infrastructure (NASENI).
Access Holdings posted a total tax expense of ₦104.66 billion, up from ₦67.6 billion in 2024. The increase reflected a rise in corporate income tax from ₦59.7 billion to ₦86.3 billion, driven by strong growth in pre-tax profit and the impact of minimum tax and IT levies. Deferred tax expenses also contributed ₦8.39 billion, largely due to adjustments for asset revaluation and temporary regulatory differences.
On the other hand, Zenith Bank reported a drop in total tax expenses to ₦93.45 billion in June 2025, compared to ₦149.03 billion a year earlier. The decline was attributed to a steep reduction in deferred tax from ₦89.4 billion to ₦1.4 billion, suggesting greater tax efficiency. However, the bank’s current income tax rose to ₦92 billion, up from ₦59.6 billion, reflecting higher earnings before tax.
UBA recorded a tax expense of ₦52.88 billion in the first half of 2025, down from ₦85.22 billion in 2024. The decline was largely due to a ₦34.37 billion deferred tax credit, which offset its ₦87.25 billion current tax charge, aided by timing differences in income recognition across its African subsidiaries.
First HoldCo Plc reported a tax expense of ₦72.38 billion, a 40 per cent increase from ₦51.73 billion in the first half of 2024, buoyed by improved group profitability and increased contributions from its banking and non-banking subsidiaries.
Wema Bank, the smallest among the seven, posted a notable rise in tax expenses from ₦3.97 billion in 2024 to ₦13.07 billion in 2025, reflecting stronger earnings and higher taxable income.
Overall, the combined tax payments highlight the financial sector’s growing contribution to government revenue despite macroeconomic headwinds. Rising profitability across key lenders, coupled with stricter compliance with fiscal and regulatory obligations, has strengthened tax inflows from the banking industry in the first half of 2025.
