In 2024, seven Nigerian banks; FCMB, Fidelity, GTCO, Stanbic IBTC, UBA, Wema Bank, and Zenith Bank incurred a combined income tax expense of N819.95 billion, representing a 94.96% increase from the N413.73 billion reported in 2022.
A significant portion of this spike, amounting to N223.27 billion or 27.23% of the total, is attributable to windfall taxes arising from the newly enacted Windfall Tax Law.
This rise in tax liabilities mirrors the robust growth in pre-tax profits, which surged by 64.87% year-on-year to N4.30 trillion, up from N2.61 trillion in 2023.