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Nigeria's largest taxpayers for 2024 have contributed over N800 billion in taxes, marking a 110% increase from 2023. Companies like Dangote Cement, MTN Nigeria, and UBA lead the list, showcasing the impact of Nigeria's largest corporations amid ongoing tax reform discussions.

In the midst of a heated public discourse on Nigeria's proposed tax reform bills, a recent analysis by BusinessDay has highlighted the largest taxpayers in the country for 2024. The list, compiled using financial data from companies listed on the Nigerian Exchange (NGX), reveals that these companies have paid a substantial amount in taxes over the first nine months of the year.

Based on the NGX-30 Index, which includes companies with the highest market capitalization, these firms collectively contributed over N800 billion in income taxes. This marks a remarkable 110% increase compared to the N381 billion paid during the same period in 2023.

While notable companies such as Access Holdings and Airtel Nigeria were not included due to unavailable tax payment information, the following companies topped the list:
  1. Dangote Cement - With N128.7 billion paid, the company saw a slight 3% increase compared to 2023.
  2. MTN Nigeria - Despite posting losses, MTN Nigeria paid N126.6 billion, although this was a decline of 31% from the previous year.
  3. UBA - The bank paid N102.3 billion, reflecting a massive 227% growth from 2023.
  4. Seplat Energy - The energy firm’s tax payment reached N95.9 billion, marking a 169% year-on-year increase.
  5. GTCO Holdings - This bank paid N83.1 billion in taxes, showing a modest 1% growth.
Other major contributors include Zenith Bank, FBN Holdings, Dangote Sugar Refinery, Stanbic IBTC, and Nestlé Nigeria, with varying changes in their tax payments. These figures underscore the crucial role that these corporations play in Nigeria’s tax system, highlighting their significant contributions amid the country’s economic reforms.

As Nigeria looks toward the future with the ongoing tax reform, these companies will remain essential in supporting national growth through their tax obligations.