Seplat Energy Leads N3.04 Trillion Tax Payments in 2026

In the first half of 2026, 20 firms listed on the Nigerian Exchange Limited (NGX) remitted N3.04 trillion in income tax to the Nigeria Revenue Service (NRS) and other agencies, representing a 79.5% increase from N1.69 trillion in the first half of 2025. The firms span various sectors, including banking, cement manufacturing, Fast Moving Consumer Goods (FMCG), and telecommunications.

The corporate income tax rate remains at 30%, but recent reforms introduced a 4% development levy on assessable profits, replacing several federal levies. The Nigeria Tax Act 2025, effective January 1, 2026, impacts corporate tax costs and investment decisions.

Seplat Energy Plc reported the highest tax expenses at N564.94 billion, a 37.2% increase from N411.59 billion in H1 2025, while Aradel Holdings declared N561.7 billion, up 1150.4% from N44.92 billion. MTN Nigeria Communications Plc and Dangote Cement also reported significant tax contributions.