Nigeria’s largest publicly listed companies, collectively known as SWOOTs (Stocks Worth Over One Trillion Naira), paid a combined N2.55 trillion in company income tax (CIT) between January and September 2025, according to corporate filings and tax records. The amount represents 92.7 percent of the Federal Government’s full-year CIT target of N2.75 trillion and is already 73 percent higher than the N1.56 trillion these same firms contributed in the first nine months of 2024.
The performance underscores the growing role of Nigeria’s biggest corporates in the government’s push to boost non-oil revenue, which has been revised upward to N5.71 trillion for 2025 from N3.52 trillion the previous year. Analysts note that the reported figures do not yet include dividend-related taxes from major state-backed entities such as Nigeria LNG, Bank of Industry, and Development Bank of Nigeria, meaning total non-oil collections could rise further.
Banks and Energy Giants Drive Contributions
Financial institutions and oil & gas producers dominated the tax payments, benefiting from higher lending rates and increased crude output.
Notable contributors in the nine-month period include:
– Seplat Energy: N469.33 billion (up 389.5% year-on-year)
– Guaranty Trust Holding Company (GTCO): N247.05 billion (up 197.1%)
– Access Holdings: N165.44 billion (up 188.7%)
– United Bank for Africa (UBA): N167.14 billion (up 63.4%)
– Presco Plc and Aradel Holdings also posted triple-digit percentage increases.
In contrast, companies exposed to foreign-exchange volatility and import costs recorded sharp declines. MTN Nigeria’s CIT payment fell nearly 83 percent to N21.55 billion, while Dangote Cement paid N115.39 billion, down 10.4 percent from the same period last year.
Analysts Flag Risks of Narrow Tax Base
Despite the impressive headline figures, market experts caution that heavy reliance on fewer than two dozen companies creates fiscal vulnerability.
“Nigeria’s tax strategy cannot sustainably hinge on a handful of large payers when thousands of other businesses operate across the economy,” said Dr. David Walker Ogogo, former Registrar of the Institute of Capital Markets Registrars. “Broadening compliance and offering realistic incentives should take priority over squeezing more from already compliant firms.”
Aruna Kebira, Chief Executive of Globalview Capital Limited, called for targeted support for telecoms, manufacturing, and power companies that have seen profits eroded by currency depreciation and high energy costs. “Employment and operational stability in these sectors matter as much as tax revenue,” he added.
Reforms Loom as Government Eyes Wider Net
The Federal Government has set an ambitious 87 percent increase in its 2025 CIT target compared with 2024, reflecting confidence in stronger corporate earnings and improved collection mechanisms.
Tax specialist Blakey Ijezie highlighted upcoming reforms effective January 2026, including a unified tax administration system, mandatory Tax Identification Numbers, coverage of digital assets, and a new 4 percent development levy on profits. A Tax Ombuds Office will also be established to handle disputes.
“With just 22 quoted companies delivering N2.55 trillion in nine months, the untapped potential among thousands of unquoted businesses is enormous,” Ijezie said. Some projections suggest that full compliance across the broader corporate sector could push annual CIT collections beyond N4 trillion.
As Nigeria heads into the final quarter of 2025, the record tax haul from its corporate giants offers both celebration and a stark reminder: sustainable revenue growth will depend less on the performance of a privileged few and more on bringing the wider economy into the formal tax net.
