Tuesday, 09 July 2024 04:43

MTN Nigeria paid taxes totaling N543.9bn in 2023 - Report

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MTN Nigeria Communication Plc reported that it paid N543.9 billion in taxes and levies to the Nigerian government in 2023. This disclosure was made in the company’s 2023 sustainability report, which details its Environmental, Social, and Governance (ESG) practices.

The report highlights that MTN expanded its network coverage to encompass 92.9% of Nigeria’s landscape and increased its capital expenditure investment by 13.2% to N571 billion in 2023.

Despite posting a revenue of N2.46 trillion for the full year, MTN Nigeria recorded a loss after tax of N137 billion, primarily due to net foreign exchange losses.

In a filing with the Nigerian Exchange (NGX), MTN’s CEO, Karl Toriola, emphasized the company's dedication to creating shared value for all stakeholders through its sustainability efforts. “We are proud of the progress we have made so far, expanding connectivity to 79.7 million people, achieving 92.9% nationwide coverage, and investing N2.6 billion in corporate social investment programs that have impacted over 58,000 lives through the MTN Foundation. Additionally, we contributed N543.9 billion in taxes and levies to the government and invested N571.0 billion in capital expenditure, up 13.2% in 2023,” Toriola stated.

Toriola also noted that MTN’s 4G coverage grew from 79.1% in 2022 to 81.5% in 2023, an increase of 2.4 percentage points. Furthermore, its 5G coverage expanded from 3.2% in 2022 to 11.3% in 2023, an increase of 8.1 percentage points. This growth helped MTN increase its market share to 52.1% in 2023 from 50.8% in 2022.

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