MTN pays N764.2 billion in taxes and levies to Nigerian authorities in 2024 

MTN Nigeria Communication Plc stated it paid the sum of N764.2 billion in taxes and levies to the Nigerian authorities in 2024.

This exhibits a 40.5% enhance in funds compared with the N543.9 billion the corporate paid in 2023.

The corporate disclosed this in its 2024 sustainability report simply launched, which highlights its Environmental, Social, and Governance (ESG) practices.

As well as, MTN stated it was in a position to broaden its community protection to cowl 93% of the nation’s panorama.

Sustainability disclosure 

Commenting on the report, which is the second version, MTN Nigeria’s CEO, Karl Toriola, stated MTN was one of many early adopters of the Worldwide Monetary Reporting Sustainability Disclosure Requirements (IFRS S1 and S2), forward of the necessary date set by the Monetary Reporting Council of Nigeria.

“From increasing our community footprint to realize 93% protection to lowering our Scope 1 and a pair of emissions by 11% in comparison with the 2021 baseline, we’re making tangible progress.  

“We’ve elevated feminine illustration in our workforce to 41.4%, empowered native companies by directing 59.6% of our spend to native suppliers within the 12 months, contributed N764 billion in taxes and levies to help nationwide growth, and invested N3.5 billion in Company Social Funding initiatives, positively impacting over 663,300 lives. 

“These efforts replicate our unwavering dedication to long-term worth creation and constructing a extra linked, sustainable future,” Toriola said.

Carbon emission 

The MTN boss additionally disclosed that the corporate diminished its Scope 1 and a pair of emissions by 11.0%, decreasing emissions from 113,826 tCO e (its 2021 2 baseline) to 101,300 tCO e – a 2.6% enhance from the two earlier 12 months.

He stated the corporate additionally expanded its renewable vitality adoption by including 194 solar-powered rural telephony websites and have become the primary telecommunications organisation in West Africa to launch eco-friendly SIM playing cards.

• Additionally commenting on the report, MTN Nigeria’s Chief Company Companies & Sustainability Officer (CCSSO), Tobe Okigbo, stated the corporate’s sustainability apply extends past enterprise operations because it actively invests in initiatives that drive optimistic change in society.
• In accordance with him, by way of the MTN Foundation, the corporate helps impactful programmes nationwide and sees to it that they align with actual group wants.
• He famous {that a} key initiative, “What Can We Do Collectively”, exemplifies MTN’s community-driven method because the programme empowers Nigerians to establish and suggest initiatives that handle native wants, which the Foundation then brings to life.

“Since its launch in September 2015, this initiative has reworked lives and contributed to grassroot growth throughout Nigeria,” Okigbo added.

What it’s best to know 

MTN Nigeria launched its Q1 2025 displaying improved efficiency regardless of the challenges within the working atmosphere.

After a number of quarters of losses occasioned by foreign exchange disaster and the rising inflation within the nation, the corporate was in a position to bounce again to profitability within the quarter, due to a current 50% tariff increment accepted by the Nigerian Communications Fee.

• In the identical interval, the corporate additionally elevated its funding in community capability, spending N202.4 billion within the first three months of the 12 months.
• This represents a 159% enhance in CAPEX for the corporate compared with the N78.1 billion it spent in the identical interval of 2024.