Nigeria’s most valuable listed companies — widely known as SWOOTs (Stocks Worth Over One Trillion Naira) — collectively paid N2.55 trillion in company income tax (CIT) within the first nine months of 2025, putting the Federal Government within reach of its ambitious full-year CIT projection of N2.75 trillion.
The figure marks a 63.74% jump from the N1.56 trillion recorded in the same period of 2024, and represents the strongest nine-month CIT performance ever posted by Nigeria’s major corporates.
In fact, the 2024 tax contribution from these elite firms — exceeding N1.6 trillion — was already greater than the entire CIT projection for that year.
These record filings have become the backbone of the government’s non-oil revenue agenda. The 2025 non-oil revenue forecast now stands at N5.71 trillion, up from N3.52 trillion last year. The reported CIT totals do not include expected dividends from state-owned enterprises such as BOI, DBN, and NLNG, implying that actual non-oil inflows could rise even further.
Banking and Energy Drive Tax Performance
Financial institutions and energy producers accounted for the majority of the 2025 surge, boosted by higher interest yields and better crude-oil output.
Top CIT contributors include:
- Seplat Energy – N469.33bn (+389.51%)
- Presco Plc – N32.62bn (+314.59%)
- GTCO – N247.05bn (+197.11%)
- Access Holdings – N165.44bn (+188.68%)
- UBA – N167.14bn (+63.40%)
- Aradel Holdings – N39.99bn (+159.93%)
However, heavily import-dependent sectors struggled:
- MTN Nigeria’s CIT fell 82.98% to N21.55 billion due to FX losses and naira pressures.
- Dangote Cement’s CIT dropped 10.37% to N115.39 billion.
Analysts warn that if economic volatility continues, weak-performing sectors could limit overall tax momentum.
Federal Government Sets Bold Tax Ambitions
The government’s 2025 CIT target of N2.75 trillion represents an 87% increase over the previous year. Given that only 22 listed companies have already paid N2.55 trillion in nine months, experts believe the real opportunity lies in capturing revenue from the thousands of unlisted firms currently under-remitting.
Tax expert and convener of Blakey’s National Tax Conference, Mr. Blakey Ijezie, said that tax reforms beginning January 1, 2026, aim to fix long-standing issues such as evasion, underreporting, and leakages.
Key elements of the reform include:
- Unified tax administration
- Mandatory TIN for all taxable entities
- Expansion to digital assets and new income categories
- 4% development levy on profits
- Replacement of pioneer incentive with Economic Development Tax Incentive
- Creation of a Tax Ombuds Office
He noted that the contribution from just 22 companies highlights significant gaps in Nigeria’s broader tax ecosystem.
Experts Call for an Expanded Tax Base
Dr. David Walker Ogogo, founding Registrar of the Institute of Capital Markets Registrars, warned that excessive dependence on a handful of top firms is “unsustainable,” adding that fiscal strategy must shift toward widening coverage rather than overburdening compliant entities.
Mr. Aruna Kebira, CEO of Globalview Capital Limited, emphasized that telecom, industrial, and power-sector firms require targeted government support to reverse their recent tax declines.
Can SWOOTs Hit the Full-Year Target?
Projections suggest that SWOOTs could surpass the government’s target if current trends persist, particularly in banking and energy. However, outcomes will depend on:
- Exchange-rate stability
- Lower financing and energy costs
- Strong final-quarter earnings
- Enhanced digital tax-tracking tools under the SRGI
The Strategic Revenue Growth Initiative seeks to lift Nigeria’s tax-to-GDP ratio from its current low base to 15% in 2025 and 18% in 2026, with digital enforcement expected to play a decisive role.
Ijezie concluded that while the performance of Nigeria’s top corporates is impressive, long-term stability depends on ensuring that hundreds of other companies begin contributing meaningfully to national revenue.
