MTN Nigeria’s tax bill bounced back in 2024 after a 76% drop in 2023

Key Takeaways:

  • MTN Nigeria's income tax payments consistently rose from ₦75.66 billion in 2018 to ₦170.1 billion in 2022.
  • In 2023, there was a significant drop in the payments, which fell to ₦40.87 billion, the lowest in the period under review.
  • In 2024, MTN Nigeria saw its income tax jump by 267% from 2023's figure.
  • The company achieved its peak income tax payment of ₦170.1 billion in 2022.
  • The income tax for MTN in 2023 dropped by ~76% due to substantial forex loss from naira devaluation.

Over recent years, MTN has witnessed considerable fluctuations in its income tax payments, reflecting growth and difficulties. From 2018 to 2022, the firm's tax payments consistently increased. In 2018, MTN's tax payment was ₦75.66 billion, and by 2021, it surged to ₦138.03 billion. The positive trajectory persisted in 2022, with taxes climbing to ₦170.1 billion.

However, in 2023, MTN encountered a notable decline in its tax payments arising from the devaluation of the naira. Despite the decline, the company's income tax payments rebounded to ₦149.89 billion in 2024, primarily due to improved revenue growth despite the challenges of foreign exchange losses.

Source:

MTN Nigeria Annual Report, NGX

Period:

2018-2024
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