*Zacch Adedeji: Fuel subsidy will be costing N53 trillion, exchange rate N3,500/$ without Tinubu’s reforms *Tax collections hit N27.1trn in 8 months as tax-to-GDP rises to 13% *Says petrol burden would have consumed 76% of 2026 budget Emmanual Addeh and James Emejo in Abuja Ten major quoted companies have recorded a combined N14.4 trillion revenue and N4.99 trillion profit before tax (PBT) in the first half of the year (HI 2026), reaping from the reforms initiated by President Bola Tinubu’s administration.According to an assessment by the Nigeria Revenue Service (NRS), the improved corporate performance increasingly reflected the impact of a more stable macroeconomic environment, improved market efficiency and stronger investor confidence. It stressed that the country’s economic recovery is increasingly translating into stronger corporate earnings.The performance represented a sharp improvement over the corresponding period of 2025, when the companies collectively generated about N10.59 trillion in revenue and N2.99 trillion in profit before tax. Essentially, the earnings surge came against the backdrop of the far-reaching economic reforms introduced by Tinubu from mid-2023, including the removal of petrol subsidy, foreign exchange market reforms, tighter monetary management, tax reforms and measures aimed at restoring investor confidence and improving fiscal sustainability. Among the companies driving the corporate earnings growth were MTN Nigeria Communications Plc, Dangote Cement Plc, Seplat Energy Plc and Aradel Holdings Plc, which recorded substantial increases in both revenue and profit before tax during the period.MTN Nigeria led the revenue table with N2.99 trillion, representing a 25 per cent increase from N2.38 trillion recorded in the first half of 2025. The company recorded N1.09 trillion profit before tax, up 75.2 per cent from N622.26 billion, while Dangote Cement posted N981 billion, compared with N730 billion in the previous year.Dangote Cement followed with N2.51 trillion, up 21.4 per cent from N2.07 trillion in the corresponding period.Seplat Energy reported N2.5 trillion revenue, representing a 16.5 per cent increase from N2.17 trillion a year earlier. The company’s profit before tax rose to N700 billion from N454 billion, an increase of 54.2 per cent. Other companies in the group also recorded notable revenue growth. Also, Aradel Holdings recorded one of the strongest increases, with revenue rising to N2.49 trillion from N368.08 billion, representing a 576.9 per cent increase. It recorded N752 billion profit before tax, representing a 293.7 per cent increase from N191 billion.The companies’ combined profit before tax also rose sharply to N4.99 trillion in H1 2026, representing a 66.7 per cent increase from N2.99 trillion in the corresponding period of 2025.In addition, Nigerian Breweries increased revenue by 8.9 per cent to N803.68 billion, while BUA Foods grew revenue by 16.2 per cent to N765.12 billion. BUA Cement also recorded a 25.6 per cent increase to N728.93 billion, while HBM Nigeria Conglomerate grew revenue by 31.2 per cent to N678.41 billion.Also, Nestlé Nigeria reported a 12 per cent increase in revenue to N581.04 billion, while Transcorp recorded a 13.4 per cent decline to N279.04 billion. This is as Executive Chairman of NRS, Dr. Zacch Adedeji, defended the economic reforms by the Bola Tinubu administration, arguing that Nigeria’s petrol subsidy would have risen to N53 trillion if the Nigerian leader had not removed it in 2023.He said the figure represented the potential annual cost of maintaining the subsidy regime amid rising international oil prices and global energy disruptions, pointing out that by now the naira-dollar exchange rate could have also deteriorated to about N3,500. According to NRS, the performance of the blue-chip companies represented a significant turnaround from the difficult conditions experienced by many large businesses following the initial implementation of the administration’s reforms.Tinubu, upon assumption of office in 2023, removed the petrol subsidy and moved to unify the foreign exchange market, while the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso subsequently pursued tighter monetary management and measures aimed at restoring confidence in the foreign exchange market. The reforms initially triggered significant pressure on businesses with foreign currency obligations, with several companies reporting huge exchange-rate losses that affected profitability, share prices and dividend payments.However, Adedeji said the transition to a more market-determined exchange-rate regime had enabled companies with substantial foreign-exchange exposure to better reflect the value of their dollar-denominated earnings and assets. According to the NRS, improving exchange-rate stability, mo
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