Nigerian Banks, Including Ecobank and GTCO, Pay N674 Billion in Taxes to Government in 6 Months

Seven Nigerian banks, such as Ecobank and GTCO, contributed N674 billion in taxes to the government within six months. Ecobank Transnational Incorporated led with N186.35 billion in income tax, showing a 41% increase from the previous year.

GTCO followed closely with N151.89 billion in total tax expenses, mainly driven by higher corporate income tax. Other banks like Access Holding PLC and Zenith Bank PLC also reported notable tax payments.

Despite some banks reporting lower tax expenses, the overall trend indicates improved tax efficiency in the banking sector.