Six banks paid N751.796 billion as revenue tax to the Federal and State Governments and businesses for the 2024 monetary 12 months ended on December 31, 2024.
The determine represents a 189.9 per cent enhance from the N395.79 billion tax paid within the 2023 monetary 12 months.
A Information Company of Nigeria correspondent that monitored the banks audited statements on Nigerian Alternate Group (NGX) platform reveals that the banks additionally recorded income of their earnings.
The banks analysed embrace Zenith Financial institution Plc, Warranty Belief Holding Firm (GTCO) Plc, United Financial institution for Africa (UBA) Plc, Constancy Financial institution Plc, Stanbic IBTC Holdings Plc and Wema Financial institution Plc.
Warranty Belief Holding Firm (GTCO) paid N248 billion as towards N69.65 billion paid within the corresponding interval of 2023.
Zenith Financial institution Plc paid N293.956 billion towards N119.1 billion paid as revenue tax bills in 2023, whereas Constancy Financial institution Plc paid N93.777 billion for 2024 FY towards N24,806 billion paid in 2023.
UBA Plc paid N37.15 billion as towards N149.98 billion paid in 2023, Stanbic IBTC Plc paid N78. 485 billion towards N32.290 billion paid as tax in 2023.
Wema Financial institution Plc paid N16.2 million to the federal government as towards N7.675 million paid in 2023.
The banks listed classes of taxes paid to incorporate company tax, and withholding tax on dividend revenue.
Others in line with them are schooling tax and Nationwide Company for Science and Engineering Infrastructure- Data Know-how (IT) levy, Police Belief Fund, windfall levy/tax and deferred tax amongst others.
Reacting to the tax enhance, Mr Okechukwu Unegbu,a monetary knowledgeable and a former President of the Chartered Institute of Bankers of Nigeria (CIBN) stated the tax enhance could be helpful to the federal government.
Unegbu careworn the necessity for extra firms, particularly authorities owned to listing on the inventory alternate market.
The monetary knowledgeable who stated that solely about 140 firms have been listed on the nation’s inventory market, stated that no fewer than 3,000 firms have been listed available in the market in different nations.
He frowned on the delay by the federal government to listing the Nigeria Nationwide Petroleum Firm Restricted (NNPCL) within the inventory market.
Unegbu appealed to the federal government to listing its owned firms within the inventory market to encourage different non-public firms to listing.
”It’s so unhappy that fairly than extra firms itemizing on the inventory market, they’re exiting the market and it isn’t good for the economic system.
”About 140 firms are listed within the inventory market, it’s fairly very abysmal as a result of in different markets, you’ve greater than 2,000 to three,000 firms being listed.
”Getting extra firms to listing will assure extra taxation after which assure extra revenue for the federal government.
”The enterprise working setting isn’t conducive for individuals to return and listing, the federal government must do one thing.
”We’ve got been speaking and recommending that NNPCL needs to be listed on the inventory alternate however up until now, that has not been executed, the federal government is sitting over that.
”If authorities does that and lists their very own firms, you will note that lots of people will profit and quite a lot of firms will come to the market to listing,” he stated.
Ms Pearl Ogbunobi, one other monetary knowledgeable, appealed to the federal government to channel the tax into the event of infrastructure and native firms within the nation.
”We wish to see the large tax mirror on our infrastructures,” she stated.
NAN reviews that the banks additionally posted N3.41 trillion as Revenue After Tax (PAT) for the 12 months 2024 ended towards the N2.1 trillion recorded in 2023 monetary 12 months.
The determine represented a 62.38 per cent enhance from the quantity recorded in the course of the 2023 monetary 12 months (FY).NAN
