6 banks pay over ₦751B tax to government In 2024
Six banks paid N751.796 billion as profits tax to the Federal and State Governments and businesses for the 2024 monetary yr ended on December 31, 2024.
The discern represents a 189. nine in line with cent boom from the N395. seventy nine billion tax paid withinside the 2023 monetary yr .
A News Agency of Nigeria (NAN) correspondent that monitored the banks audited statements on Nigerian Exchange Group (NGX) platform well-knownshows that the banks additionally recorded earnings of their earnings.
The banks analysed consist of Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc.
Guaranty Trust Holding Company (GTCO) paid N248 billion as towards N69. sixty five billion paid withinside the corresponding length of 2023.
Zenith Bank Plc paid N293.956 billion towards N119.1 billion paid as profits tax fees in 2023, at the same time as Fidelity Bank Plc paid N93.777 billion for 2024 FY towards N24,806 billion paid in 2023.
UBA Plc paid N37.15 billion as towards N149. ninety eight billion paid in 2023, Stanbic IBTC Plc paid N78. 485 billion towards N32.290 billion paid as tax in 2023.
Wema Bank Plc paid N16.2 million to the authorities as towards N7.675 million paid in 2023.
The banks indexed classes of taxes paid to consist of company tax, and withholding tax on dividend profits .
Others in step with them are training tax and National Agency for Science and Engineering Infrastructure- Information Technology (IT) levy, Police Trust Fund, providence levy/tax and deferred tax amongst others.
Reacting to the tax boom , Mr Okechukwu Unegbu,a monetary professional and a former President of the Chartered Institute of Bankers of Nigeria (CIBN) stated the tax boom might be useful to the authorities .
Unegbu confused the want for extra organizations , in particular authorities -owned, to listing at the inventory change marketplace .
The monetary professional who stated that best approximately a hundred and forty organizations have been indexed at the country’s inventory marketplace , stated that no fewer than 3,000 organizations have been indexed withinside the marketplace in different countries.
He frowned on the postpone via way of means of the authorities to listing the Nigeria National Petroleum Company Limited (NNPCL) withinside the inventory marketplace .
Unegbu appealed to the authorities to listing its owned organizations withinside the inventory marketplace to inspire different non-public organizations to listing .
”It is so unhappy that instead of extra organizations list on the inventory marketplace , they may be exiting the marketplace and it isn’t properly for the economy.
”About a hundred and forty organizations are indexed withinside the inventory marketplace , it’s miles alternatively very abysmal due to the fact in different markets, you’ve got got extra than 2,000 to 3,000 organizations being indexed .
”Getting extra organizations to listing will assure extra taxation after which assure extra profits for the authorities .
”The commercial enterprise working surroundings isn’t conducive for humans to return back and listing , the authorities wishes to do something.
”We had been speaking and recommending that NNPCL have to be indexed at the inventory change however up until now, that has now no longer been done, the authorities is sitting over that.
”If authorities does that and lists their very own organizations , you may see that a number of humans will gain and a number of organizations will come to the marketplace to listing ,” he stated .
Ms Pearl Ogbunobi, any other monetary professional , appealed to the authorities to channel the tax into the improvement of infrastructure and neighborhood organizations withinside the country.
”We need to peer the massive tax mirror on our infrastructures,” she stated .
NAN reviews that the banks additionally published N3. forty one trillion as Profit After Tax (PAT) for the yr 2024 ended towards the N2.1 trillion recorded in 2023 monetary yr .
The discern represented a 62.38 in line with cent boom from the quantity recorded for the duration of the 2023 monetary yr (FY). (NAN)
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