The Federal Government has recorded a significant boost in revenue collection, as ten major companies listed on the Nigerian Exchange (NGX) remitted a combined ₦392.7 billion in income taxes in the first half of 2025.
This marks a 16.1 per cent year-on-year increase from ₦338.3 billion paid in the corresponding period of 2024, according to financial statements reviewed by The Punch.
The companies that contributed to this tax windfall include Dangote Cement Plc, Nestle Nigeria Plc, Lafarge Africa Plc, BUA Cement Plc, International Breweries Plc, Julius Berger Plc, Nascon Allied Industries Plc, UAC of Nigeria Plc, Cadbury Nigeria Plc, and Dangote Sugar Refinery Plc.
The breakdown of filings showed Dangote Cement Plc as the single largest contributor, remitting ₦209.6bn in H1 2025 compared with ₦103.1bn in the same period of 2024 – representing an impressive 103 per cent growth.
Analysts say this underscores the company’s scale, dominance in the cement market, and its central role in government revenue mobilisation.
Similarly, Lafarge Africa Plc reported ₦67.1bn in tax remittances, up sharply from ₦17.3bn in 2024 – a 288 per cent surge, largely driven by expanded cement sales and plant operations across Nigeria.
BUA Cement Plc also recorded an exceptional jump, remitting ₦33.9bn in H1 2025 against ₦5.9bn a year earlier – a 477 per cent increase.
While cement companies recorded steep rises, some consumer goods and construction firms showed declines.
Nestle Nigeria Plc paid ₦37.8bn, down by 50 per cent from ₦75.6bn in 2024, due to accounting adjustments and shifts in taxable profit recognition.
International Breweries Plc remitted ₦20.2bn, a sharp 53 per cent drop from ₦43.5bn in the previous year, reflecting increased production costs and tougher competition in the beverages market.
Julius Berger Plc paid ₦6.1bn, down 55 per cent from ₦13.5bn in 2024, amid a slowdown in construction activity.
UAC of Nigeria Plc recorded ₦3.7bn, a 31 per cent decline compared to ₦5.4bn in H1 2024.
Dangote Sugar Refinery Plc suffered the steepest fall, remitting only ₦2.2bn compared to ₦67.4bn in the same period last year – a staggering 96.8 per cent decline.
However, Nascon Allied Industries Plc recorded ₦7.7bn, representing a 222 per cent rise, while Cadbury Nigeria Plc managed a modest growth of 4.7 per cent, with ₦4.4bn in H1 2025 against ₦4.2bn in the previous year.
Commenting on the figures, Charles Sanni, CEO of Cowry Treasurers Limited, explained that the surge was largely driven by inflationary pressures and naira devaluation.
“Revenue has gone up in the country because of inflation, and that translates into higher tax remittances.
The new tax rates will also push this further. However, smaller companies benefit from certain reliefs, though the challenge remains how many businesses operate above the ₦12m turnover threshold,” Sanni noted.
He stressed the importance of the manufacturing sector, describing it as the “bedrock of the economy.”
Drawing parallels with global policies, Sanni said boosting local production is critical to sustaining tax revenue.
“If you produce locally, company income tax rises. If you rely on imports, taxes come in form of levies.
Nigeria needs to strengthen infrastructure and adopt import substitution strategies to protect local industry and sustain growth,” he added.
The development comes just weeks after President Bola Tinubu signed into law four tax reform bills aimed at strengthening Nigeria’s fiscal framework:
The Nigeria Tax Bill
The Nigeria Tax Administration Bill
The Nigeria Revenue Service (Establishment) Bill
The Joint Revenue Board (Establishment) Bill
These reforms are expected to enhance efficiency in tax collection, broaden the tax base, and reduce leakages.
They also align with the government’s goal of boosting non-oil revenue amid ongoing fiscal challenges.
While the higher tax remittances provide a welcome boost to federal coffers, analysts warn that structural constraints such as inflation, inelastic supply in manufacturing, and declining consumer demand could limit future gains.
Sanni also pointed out that trade policies, tariffs, and Nigeria’s capacity to expand production will determine how sustainable the revenue surge is.
Still, the ₦392.7bn inflow underscores the resilience of Nigeria’s corporate sector despite economic headwinds, with companies like Dangote Cement, Lafarge Africa, and BUA Cement emerging as key revenue drivers