Banks Paid N75.4 Billion to FG as Tax in H1’22

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CEM REPORT, FINANCE | Listed Commercial Banks in the country paid N75.4 billion as Company Income Tax (CIT) in the first half of the year, (H1’22).

This is a 35 percent increase from the N55.67 billion paid in H1’21.

According to the financial report presented by the banks to the Nigerian Exchange Limited, NGX, Guaranty Trust Bank, GTB led with N25.6 billion, followed by Zenith Bank with N18.59 billion, and United Bank for Africa, UBA, at N15.4 billion.

Others are Access Bank (N9.05 billion), Fidelity Bank (N1.7 billion), Stanbic IBTC (N1.19 billion), Wema Bank (N827.59 million), Sterling Bank (N606 million), Union Bank (N582 million)  and Unity Bank (N147.6 million).

The report also reveals that GTB recorded the highest Year-on-Year (YoY) growth rate in CIT at 88 percent.

Report by the National Bureau of Statistics, (NBS), reveals that the financial sector was one of the largest contributors to the federal government’s increased tax revenue by 31 percent from N1.86 trillion in H1’21 to N2.44 trillion in H1’22.

However, the reports state that CIT recorded stronger growth within the first and second quarters (Q1 and Q2) of 2022, standing at 45.7 percent growth as against the 18 percent growth recorded in VAT during the review period.

The data also showed that CIT grew to N1.26 trillion in H1’22 from N864.77 billion in H1’21 while VAT revenue grew to N1.18 trillion in H1’22 from N1 trillion in H1’21.

CIT and Value Added Tax, VAT, are the major non-oil revenue source for the federal government.

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