Thirteen Nigerian companies have recorded a significant increase in their current tax liabilities, which rose by 50.54% to N210.52 billion in 2024, compared to N139.85 billion in 2023. The companies affected include VFD Group, BUA Foods, Nigerian Breweries Plc, and TotalEnergies Marketing Nigeria Plc, among others.
The increase in tax obligations reflects the impact of economic conditions and corporate earnings on tax expenses. Current tax liabilities refer to the amount a company owes in taxes for the current financial period, including corporate income tax and other statutory tax obligations.
VFD Group recorded the highest tax liability, rising to N154.11 billion in 2024 from N103.19 billion in 2023. Other companies, such as Nigerian Breweries Plc and TotalEnergies Marketing Nigeria Plc, also saw significant increases in their tax liabilities.
The figures were obtained from the companies’ financial statements for the period ended December 31, 2024, highlighting the financial obligations these firms are set to fulfill within the year.
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