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Nigerian Banks Pay N75bn In Income Taxes In H1’22

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Company Income Tax

Leading Nigerian banks paid N75.4 billion in Company Income Tax (CIT) in the first half of the year (H1’22), a 35% increase over the N55.67 billion paid in H1’21.

Guaranty Trust Bank, GTB, led the banks with N25.6 billion, followed by Zenith Bank with N18.59 billion and United Bank for Africa, UBA, with N15.4 billion.

Access Bank (N9.05 billion), Fidelity Bank (N1.7 billion), Stanbic IBTC (N1.19 billion), Wema Bank (N827.59 million), Sterling Bank (N606 million), Union Bank (N582 million), and Unity Bank are among the others (N147.6 million).

Ebonyi state governement lodge Abuja

According to the financial report the banks submitted to the Nigerian Exchange Limited, NGX, GTB had the highest Year-on-Year (YoY) growth rate in CIT, at 88 percent.

Meanwhile, the Federal Government’s (FG) tax revenue increased by 31% in H1’22 to N2.44 trillion from N1.86 trillion in H1’21.

The CIT and VAT are the federal government’s primary non-oil revenue sources.

Vanguard findings in the VAT and CIT data for the first and second quarters (Q1 and Q2) of 2022 released by the National Bureau of Statistics, NBS, revealed that CIT grew at a faster rate of 45.7% compared to 18% growth in VAT during the review period.

Company Income Tax increased to N1.26 trillion in H1’22 from N864.77 billion in H1’21, according to the data.

VAT revenue increased from N1 trillion in H1’21 to N1.18 trillion in H1’22. According to the Bureau, the financial sector was one of the largest contributors to CIT during the period in terms of sectoral contributions.

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