13 firms’ tax liabilities surge to N210.52bn

Thirteen Nigerian companies recorded a significant increase in their current tax liabilities, which surged by 50.54 per cent to N210.52bn in 2024 from N139.85bn in 2023.

The rise in tax obligations reflects the impact of economic conditions and corporate earnings on tax expenses.

The companies with increased current tax liabilities are VFD Group, BUA Foods, Nigerian Breweries Plc, TotalEnergies Marketing Nigeria Plc, Honeywell Flour Mills Plc, Conoil, MRS Oil Nigeria Plc, Fidson Healthcare, UPDC Plc, Berger Paints Nigeria Plc, Academy Press, Neimeth International Pharmaceuticals Plc, and FTN Cocoa Processors Plc.

Current tax liabilities refer to the amount a company owes in taxes for the current financial period. This includes corporate income tax and other statutory tax obligations that are due within the year, impacting cash flow and financial stability.

The figures were obtained from the companies’ financial statements for the period ended 31 December 2024, highlighting the financial obligations these firms are set to fulfill within the year.

According to the reports, VFD Group recorded the highest tax liability, rising to N154.11bn in 2024 from N103.19bn in 2023.

Bua Foods reported a current tax liability of N16.04bn in 2024, slightly up from N16.01bn in the previous year, indicating steady tax obligations.

Nigerian Breweries Plc saw its tax liabilities rise to N10.40bn in 2024, compared to N6.72bn in 2023.

TotalEnergies Marketing Nigeria Plc’s tax liabilities surged to N13.90bn in 2024, from N4.78bn in 2023, reflecting a significant increase in its financial obligations.

Honeywell Flour Mills Plc reported a sharp rise in current tax liabilities to N3.85bn in 2024 from N796m in 2023, influenced by changes in earnings and statutory requirements.

Conoil recorded a current tax liability of N5.53bn in 2024, up from N4.84bn in 2023, reflecting its corporate earnings and tax commitments.

MRS Oil Nigeria Plc’s tax liabilities rose to N2.97bn in 2024 from N1.92bn in the previous year, indicating higher financial obligations.

Fidson Healthcare reported a significant increase in tax liabilities to N2.50bn in 2024, compared to N839.09m in 2023, influenced by its financial performance.

UPDC Plc saw its current income tax liabilities grow to N473.55m in 2024 from N167.49m in 2023, reflecting its business activities and tax obligations.

Berger Paints Nigeria Plc’s tax liabilities increased to N343.59m in 2024 from N184.33m in 2023.

Academy Press recorded a tax liability of N311.80m in 2024, up from N273.50m in the previous year.

Neimeth International Pharmaceuticals Plc reported a decrease in tax liabilities to N56.33m in 2024 from N68.82m in 2023, indicating changes in its earnings and tax obligations.

FTN Cocoa Processors Plc recorded the lowest tax liability at N46.07m in 2024, down from N65.93m in 2023, reflecting its financial position.