NIGERIAN BANKS WILL PAY N260BN IN INCOME TAX IN 2022

Ten commercial banks that are members of the Nigerian Exchange Group (NGX) paid N260.3 billion in company income tax (CIT) in 2022 to help the nation's revenue drive.

Compared to the N203.6 billion paid in 2021, the amount shows a 28% rise.

In their audited financial accounts for 2022, the banks made this disclosure.

The participating banks are Zenith, Access, GTBank, UBA, and Fidelity.

Union, Sterling, Ecobank, Stanbic, and Unity banks are more examples.

The change occurs as the banks' Profit After Tax, or PAT, increased to N1.06 trillion from N989.6 billion in 2021.

The overall CIT revenues increased from N1.67 trillion in 2021 to N2.8 trillion in 2022, according to the National Bureau of Statistics.

Remember that in 2022, Nigeria collected N10 trillion in taxes, which was the biggest amount ever.