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We Paid N543.9 Billion Tax To Nigerian Government In 2023 – MTN

We Paid N543.9 Billion Tax To Nigerian Government In 2023 – MTN %Post Title

MTN Nigeria Communication Plc. said it paid the sum of N543.9 billion in taxes and levies to the Nigerian government in 2023.

The company disclosed this in its 2023 sustainability report released over the weekend, which highlights its Environmental, Social, and Governance (ESG) practices. In addition, MTN said it was able to expand its network coverage to cover 92.9% of the country’s landscape.

The technology company added that it also increased its investment in capital expenditure by 13.2% to N571 billion in 2023.

MTN Nigeria posted N2.46 trillion as revenue for the full year 2023. However, it recorded a loss after tax of N137 billion driven by net forex losses.

In a filing with the NGX, MTN’s CEO, Karl Toriola, said the company’s Sustainability Report highlights the company’s commitment to creating shared value for all its stakeholders.

“We are proud of the progress we have made so far, expanding connectivity to 79.7 million people, achieving 92.9 percent nationwide coverage, and investing N2.6 billion in corporate social investment programs that have impacted over 58,000 lives through the MTN Foundation, contributing N549.3 billion in taxes and levies to the government and investing N571.0 billion in capex, up 13.2% in 2023,” Toriola stated.

The CEO added that MTN’s 4G coverage grew by 2.4 percentage points from 79.1% in 2022 to 81.5% in 2023, while 5G coverage grew by 8.1 percentage points from 3.2% in 2022 to 11.3% in 2023. With this, Toriola said the company has increased its percentage of the market share to 52.1% in 2023 from 50.8% in 2022.

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