What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Federal Inland Revenue Service stated that the Company Income Tax is a 30 per cent tax imposed on companies’ profits, while the value-added tax is a 7.5 per cent consumption tax borne by the final consumer during purchases.

Guaranty Trust Holdings emerged as the highest contributor, reporting an income tax expense of N110.90bn for the first half of the year, a 292.5 per cent increase from N28.17bn in H1 2023.

The United Bank for Africa followed with a tax expense of N85.22bn, a 235.5 per cent rise from N25.41bn in the previous year.

Access Bank tax expenses rose by 215.4 per cent to N80.89bn compared to N25.64bn in H1 2023. Meanwhile, Zenith Bank reported a tax expense of N59.59bn, up 90.0 per cent from N31.32bn in the same period last year.

Wema Bank recorded a tax expense of N3.97bn, up 48.1 per cent from N7.38bn in the previous year, while Fidelity Bank reported N44.03bn, reflecting a 232.0 per cent increase from N13.23bn in H1 2023.

• Read More