Taxes paid by Nigerian Banks in 2016

Nairametrics| Deposit Money Banks (DMB’s) in Nigeria reported a total of N137.29 billion in taxes for the financial year 2016. The figure represents a 43% increase from the N95.8 billion paid by banks in 2015.




  • Banks reported a total pre-tax profits of about N578 billion for the year ended December 2016. This compares to a pre-tax profit of N529 billion in 2015.
  • Taxes of N137.2 billion for 2016 represents a tax rate of about 23.3% compared to the 18% paid in 2015.
  • Nigeria has a corporate tax rate of 30%.
  • GT Bank paid the highest tax at about N32. 8 billion (2015: N21.2 billion)
  • Diamond Bank paid the most taxes as a percentage of profits, as they incurred a tax rate of about 32%. Included in Diamond Bank’s taxes are minimum taxation
  • Average tax rates for deposit money banks was 23% compared to 18% recorded in 2015.

Note: The list of banks used in this data include banks listed on the Nigerian Stock Exchange.

See table below

Taxes paid by banks


Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

What's your say?