How much tax are Nigeria's biggest companies paying in 2026? Twenty listed firms paid ₦3.04 trillion in income tax in the first half of the year, up about 80% from ₦1.69 trillion in H1 2025, according to a ThisDay analysis of their half-year results.
Profit growth explains part of that. The rest comes from the tax regime that took effect on 1 January 2026, which is now showing up in cash handed to the Nigeria Revenue Service (NRS).
What do the numbers show?
ThisDay reviewed 20 firms across banking, cement, FMCG, telecoms and oil and gas. The four largest payers were:
- Seplat Energy: ₦564.94 billion, up 37.2% from ₦411.59 billion.
- Aradel Holdings: ₦561.7 billion, up from ₦44.92 billion, roughly twelve times higher.
- MTN Nigeria: ₦384.05 billion, up 85% from ₦207.41 billion.
- Dangote Cement: ₦342.85 billion, up 63.6% from ₦209.6 billion.
Nine banks together paid ₦845.79 billion, about 42% more than the ₦596.79 billion of a year earlier. Zenith Bank led them at ₦206.84 billion, more than double its ₦93.45 billion. Its profit fell 19.06% to ₦430.76 billion over the same period, so tax rose while earnings dropped.
What changed in the tax rules?
The Nigeria Tax Act 2025 and related laws took effect on 1 January 2026. The company income tax rate stays at 30%. A 4% development levy now applies to the assessable profits of in-scope companies. It replaces the Education Tax, the NASENI levy and the Police Trust Fund levy, which were charged separately before.
Banks complicate the picture. David Adnori of Highcap Securities told ThisDay that banks are exempt on income from treasury bills, government bonds and agricultural loans, so their effective rate can sit below that of a manufacturer.
One caution on the data. The figures are ThisDay's compilation from company filings, and "tax paid" can include amounts paid to agencies other than the NRS. Treat them as a direction of travel, not a precise measure of each firm's liability.
Why does the Aradel figure stand out?
Aradel's payment grew from ₦44.92 billion to ₦561.7 billion in a year. ThisDay does not explain the jump. Changes of that size can come from timing, such as a prior-year assessment settled in the period, or from a shift in profit mix. Whatever the cause, it shows how far a single company's cash tax can swing from one half-year to the next.
That swing is the practical lesson. Tax paid in a period is not the same as the tax charge in the accounts, and finance teams that forecast one from the other tend to be surprised. A cash tax calendar, built from your own instalment dates and expected assessments, closes that gap.
What this means for your business
- Budget cash tax on the new basis. If your 2026 forecast still uses the old rate structure, rebuild it with the 30% rate and the 4% development levy.
- Check whether the levy applies to you. Confirm your status under the Act before you assume you are in or out, because the answer changes the rate you budget at.
- Watch your effective rate. Tax-exempt income, such as government securities, lowers it, and the 15% minimum effective tax rate can pull it back up for large groups.
- Reconcile tax paid to tax charged. Match instalments, withholding tax credits and the year-end liability each quarter, so the cash figure and the accounts agree.
For related reading, see our note on why Nigeria's tax revenue jumped 113% in 2026 and our guide to the 15% minimum effective tax rate.
Source: ThisDay, 19 October 2026.
FAQ
How much tax did Nigeria's biggest companies pay in H1 2026? ThisDay puts the total at ₦3.04 trillion for 20 listed firms, against ₦1.69 trillion in H1 2025. Seplat Energy and Aradel Holdings each paid more than ₦560 billion.
What is the company income tax rate in Nigeria in 2026? The standard rate is 30%. In-scope companies also pay a 4% development levy on assessable profits, which replaced the Education Tax, NASENI levy and Police Trust Fund levy.
Why do some banks pay less tax than their profit suggests? Income from treasury bills, government bonds and agricultural loans is exempt for banks. That lowers the effective rate compared with firms that have no exempt income.
Is your 2026 tax budget built on the new rules? Contact VOG Global in Area 10, Garki, Abuja, or visit vog.global to book a cash tax and levy review before year end.