Nigerian Companies Report Lower Corporate Tax Payments

The tax reduction reflects a decline from the statutory 32 percent federal rate.

Oil and gas firms paid the highest average tax rate of 20.29 percent among the 19 NSE-listed companies analyzed, while conglomerates, agricultural firms, and banks reported the lowest rates.

This tax payment pattern shows a 5.37 percentage point decrease from 2016 levels, indicating reduced compliance with the statutory corporate tax rate of 32 percent.

Nigerian companies paid ₦50.8 billion less in corporate tax during the third quarter of 2017 compared to statutory requirements.

Oil and gas firms averaged 20.29 percent tax payment among 19 NSE-listed companies, while conglomerates, agricultural firms, and banks paid the lowest rates.

This analysis reveals a 5.37 percentage point reduction from 2016 levels, showing companies paid 11.16 percent less than the statutory 32 percent federal rate.