Seven of Nigeria’s leading banks have collectively paid ₦674.68 billion in taxes to the federal government in the first half of 2025, marking a significant rise from the ₦588.25 billion recorded in the same period of 2024.
The latest figures highlight the increasing contribution of the financial sector to national revenue at a time when economic pressures continue to challenge both businesses and households.
Ecobank led the list of top-paying institutions, remitting ₦186.35 billion between January and June, compared to the ₦132.49 billion it paid in the corresponding period last year. The bank’s increase represents a 41 percent surge, driven largely by stronger earnings and adjustments in its tax obligations.
Close behind Ecobank was Guaranty Trust Holding Company (GTCO), which paid a total of ₦151.89 billion, rising sharply from ₦98.21 billion reported in the same period of 2024. GTCO’s tax expenses included a company-income tax of ₦122.66 billion, an ₦8.95 billion education tax, and several sector-specific levies tied to financial-sector cleanup initiatives and national stabilisation programmes.
Access Holdings Plc followed with ₦104.66 billion in taxes for the six-month period. The increase from the previous year was driven by a rise in corporate income tax, which grew from ₦59.7 billion to ₦86.3 billion, along with adjustments in deferred tax expenses and other statutory obligations. Zenith Bank Plc paid ₦93.45 billion, reflecting a decline from the ₦149.03 billion it paid in the previous half-year.
The decline was due in large part to a sharp drop in deferred tax expenses from ₦89.4 billion to ₦1.4 billion despite an increase in its current tax payments following stronger pre-tax profits.
United Bank for Africa Plc (UBA) contributed ₦52.88 billion, a figure that was moderated by a deferred-tax credit which helped to offset its current obligations. First HoldCo Plc recorded a total tax payment of ₦72.38 billion, reflecting growth supported by improved group earnings across its banking and non-bank subsidiaries.
Wema Bank Plc, though smaller in size relative to the other institutions, paid ₦13.07 billion representing a notable rise from ₦3.97 billion in the previous period, driven by improved profitability and stricter compliance with regulatory tax requirements.
The jump in overall tax remittances across these seven institutions underscores the critical role Nigerian banks now play in supporting government revenue. Despite rising inflation, exchange-rate pressures and regulatory costs, many financial institutions continue to demonstrate resilience through earnings growth and strict adherence to fiscal obligations.
These tax inflows come at a time when the government is intensifying efforts to diversify revenue sources away from crude oil, making the banking sector an increasingly reliable contributor to public finances.
For the banks, strong tax compliance helps strengthen public confidence and signals transparency to investors. Institutional credibility is particularly important in the current climate, where regulatory scrutiny and market volatility remain heightened.
Analysts note that adherence to tax policies and financial reporting standards also helps position banks more competitively as they seek capital, expand digital platforms and deepen customer engagement both locally and internationally.
However, the sustainability of these tax contributions will depend on several factors. Bank profitability could face pressure from foreign-exchange instability, tightening monetary policy and fluctuating consumer demand. New fiscal reforms or adjustments to existing levies such as windfall taxes on foreign-exchange gains may also alter future tax burdens, as several institutions have already seen their expenses shaped by updated regulations.
Broader economic conditions, including GDP growth, lending activity and investment flows, will play an additional role in determining how much revenue banks can generate and remit in the months ahead.
Nonetheless, the latest figures signal a positive trajectory in the banking sector’s support to government finances. As banks continue to navigate economic uncertainties, their substantial tax contributions are helping to bolster public revenue, providing the government with essential resources for infrastructure, social services and economic development initiatives.
The strong performance also reflects a degree of stability within the sector, offering reassurance to stakeholders and underscoring the enduring importance of banks as vital engines of national economic growth.
Seven Banks Remit ₦674.68 Billion in Taxes — Ecobank, GTCO Lead Payouts
