Overview: Federal Government's Income Tax Revenue (H1 2025)
In the first half of 2025, ten companies listed on the Nigerian Exchange remitted a combined total of ₦392.7 billion in income tax to the Federal Government this is up from ₦338.3 billion during the same period in 2024, marking a 16.1% increase year-on-year .
Top Contributors Include:
Dangote Cement Plc: Paid ₦209.6 billion, more than double its H1 2024 amount of ₦103.1 billion a massive 103% year-on-year increase.
Lafarge Africa Plc: Paid ₦67.1 billion, a huge jump from ₦17.3 billion in H1 2024 representing +288% .
Nestlé Nigeria Plc: Contributed ₦37.8 billion, which is a 50% decrease compared to the ₦75.6 billion remitted in H1 2024.
BUA Cement Plc: Paid ₦33.9 billion, up from ₦5.9 billion in the same period last year a +477% surge .
International Breweries Plc: Contributed ₦20.2 billion, down from ₦43.5 billion a 53% decline .
Nascon Allied Industries Plc: Paid ₦7.7 billion, up from ₦2.4 billion +222% growth .
Julius Berger Plc: Tax payment fell to ₦6.1 billion from ₦13.5 billion a 55% drop .
UAC of Nigeria Plc: Remitted ₦3.7 billion, down 31% from ₦5.4 billion .
Cadbury Nigeria Plc: Paid ₦4.4 billion, slightly up (about +4.7%) from ₦4.2 billion .
Dangote Sugar Refinery Plc: Paid only ₦2.2 billion, a dramatic 96.8% decline from ₦67.4 billion in H1 2024 .
Insights & Analysis
Why the surge?
The CEO of Cowry Treasurers Limited, Charles Sanni, attributes the overall increase primarily to inflationary pressures spurred by the devaluation of the naira, which pushed up revenue and consequently, income tax collections for companies .
Mixed performance across sectors:
Cement manufacturers like Dangote Cement and Lafarge Africa saw explosive growth in tax contributions.
Conversely, firms like Nestlé, International Breweries, Julius Berger, and Dangote Sugar saw significant decreases in tax remittances.
Summary Table
Company H1 2025 Tax (₦bn) H1 2024 Tax (₦bn) % Change
Dangote Cement Plc 209.6 103.1 +103%
Lafarge Africa Plc 67.1 17.3 +288%
Nestlé Nigeria Plc 37.8 75.6 –50%
BUA Cement Plc 33.9 5.9 +477%
International Breweries Plc 20.2 43.5 –53%
Nascon Allied Industries Plc 7.7 2.4 +222%
Julius Berger Plc 6.1 13.5 –55%
UAC of Nigeria Plc 3.7 5.4 –31%
Cadbury Nigeria Plc 4.4 4.2 +4.7%
Dangote Sugar Refinery Plc 2.2 67.4 –96.8%
Total (10 companies) 392.7 338.3 +16.1%
The Federal Government’s income tax haul from key listed companies rose by 16.1% year-on-year to ₦392.7 billion in H1 2025. Cement producers and building materials companies led the way with significant gains, while sectors like consumer goods and beverages experienced declines underscoring the uneven impact of inflation and sectoral dynamics.
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