Prime Business Africa
The voice turnover to MTN Nigeria’s total revenue dropped from 38.77 percent in 2024 to 35.55 percent in 2025, according to Prime Business Africa’s analysis.
Although the voice revenue increased last year to N1.85 trillion, surpassing the N1.30 trillion earned from the service in 2024, indicating a 42.1 percent growth.
Join our WhatsApp ChannelData revenue grew faster than voice service turnover, rising by 74.5 percent year-on-year, from N1.59 trillion to N2.78 trillion, resulting in its total revenue contribution to grow from 47.47 percent in 2024 to 53.46 percent in 2025.
The growth in data and voice turnover contributed to the company’s service revenue rising significantly by 55.1 percent to N5.17 trillion last year, from the N3.33 trillion reported in 2024, according to MTN’s audited results for the year ended December 31, 2025.
This enabled MTN to record a total revenue of N5.20 trillion in 2025, above the N3.35 trillion generated in the previous year, representing a 54.9 percent growth.
The network provider managed to keep its expenses way below its topline, after reporting N2,46 trillion expenses during the period under review, up by 20.2 percent when compared to the N2.04 trillion incurred in 2024.
Net finance costs further reduced the company’s topline as MTN incurred N473.75 billion last year, surpassing the N403.20 billion posted in 2024, indicating a 17.5 percent increase, and reflecting that MTN is paying more interest on borrowings than the interest it is earning on deposits and investments.
However, the company improved its earnings with a N90.26 billion net foreign exchange (FX) gain in 2025, recovering from the N925.36 billion net FX loss recorded the year before.
As a result, MTN returned to profitability last year with N1.69 trillion profit before tax (PBT), reversing the N550.32 billion loss before tax suffered in 2025.
This led to a 289.1 percent jump in MTN’s tax expense, which increased from N149.89 billion in 2024 to N583.18 billion last year.
Following the tax deduction, MTN was left with a N1.11 trillion net income during the period under review, recovering from the N400.43 billion loss after tax reported in 2024.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
