Amid Tax Reforms, 20 Blue-chip Firms Remit N3.04trn to NRS, Others
Kayode Tokede The major overhaul of Nigeria’s tax system by the federal government has started to yield fruits as just 20 firms listed on the Nigerian Exchange Limited (NGX) paid a
The Nigerian government has implemented major tax system reforms, resulting in the remittance of N3.04 trillion in income tax by just 20 listed firms in the first half of 2026. This represents a 79.5% increase from the N1.69 trillion paid in the same period last year. The firms span various sectors, including banking, cement manufacturing, FMCG, and telecommunications.
The standard corporate income tax rate remains at 30%, but a 4% development levy has been introduced on assessable profits for eligible companies. This reform, which took effect on January 1, 2026, affects corporate tax costs, cash flow, dividend capacity, investment decisions, compliance expenses, and potentially share-price performance for listed companies on the Nigerian Exchange Limited (NGX).
Tax experts believe the impact will vary based on factors such as profitability, sector, tax incentives, capital expenditure, and financing structure. Notably, Seplat Energy Plc and Aradel Holdings paid the highest taxes in H1 2026, with Seplat increasing its tax expense by 37.2% to N564.94 billion and Aradel Holdings increasing by an astounding 1,150.4% to N561.7 billion.
The reforms introduced a unified development levy, replacing several separate federal levies, and companies must adapt to these new rules.
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