News
FG, Foreign Countries Share Data On Overseas Bank Accounts
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets held by Nigerians.
Mrs. Kemi Adeosun, Minister of Finance, confirmed this over the weekend in Abuja during the presentation of Progress Report on Tax Laws Reform by the Vice Chairman of the National Tax Policy Implementation Committee, Mr. Taiwo Oyedele.
The Minister expressed satisfaction with the data being supplied to Nigeria by foreign countries under the AETI, to which the country became a party in January 2018.
“The data received in Nigeria with regard to overseas assets held by Nigerians has been impressive and will underpin a long term improvement in the nation’s tax to Gross Domestic Product (GDP) ration, in turn, will improve life for the masses.
“The data on bank accounts, property and trusts, which has come automatically from a number of countries is being used to support the Voluntary Assets and Income Declaration Scheme (VAIDS) by allowing the tax authorities to check the accuracy of declarations received.
“The Federal Government is also using the data to generate ‘nudge’ letters which are being sent to those identified as being potential tax defaulters,” said Adeosun while responding to questions raised by journalists during the submission of progress report on tax laws reform.
She disclosed that Nigeria had written to a number of nations to request specific information about offshore trusts and bank accounts held by its citizens.
The Minister advised users of offshore structures to take advantage of VAIDS to regularise their taxes before the expiry of the amnesty programme.
“The offshore tax shelter system is basically over. Those who have hidden money overseas are being exposed and whilst Nigerians can legally keep their money anywhere in the world, they must first pay any taxes due to the Nigerian Government so that we can fund the needs of the masses and create jobs and wealth for our people.
“The moral argument against illicit financial flows and tax evasion and the strong international co-operation are such that every Nigerian tax payer should do the right thing. The needs of our people for development override any other argument against payment of tax,” she stated.
Adeosun stressed the need for a sustainable revenue that could deliver infrastructural development for Nigeria and improve the tax to GDP ratio of the country.
She assured that the Federal Government would build a robust tax system and implement the recommendations by the National Tax Policy Implementation Committee (NTPIC) on tax laws reform.
Earlier in the address, the NTPIC Vice Chairman, Mr. Taiwo Oyedele, who represented the Chairman, said the Committee considered three major policy documents namely; the Economic Recovery and Growth Plan (ERGP), the National Tax Policy and Ease of Doing Business Plan.
He disclosed that the Committee agreed that tax reforms should align with overall Government objectives as articulated in these documents, such that every action or recommendations would promote and catalyse the realisation of overall objectives.
The Committee, according to him, identified the seven major tax areas that would have the highest impact. These include: Company Income Tax (CIT), Value Added Tax (VAT), Customs & Excise Tariff (CET), Personal Income Tax (PIT), Pension Contributions, Industrial Development Income Tax Relief (IDITR); and Tertiary Education Trust Fund.
He disclosed that he proposed changes to the tax laws would achieve the following specific objectives: increase and diversify Government revenue, simplify paying taxes and doing business, promote Micro, small and medium enterprises, protect most vulnerable persons in the society, and remove obsolete, ambiguous and contradictory provisions in the law.
Oyedele added that the Committee’s work resulted in two executive orders and five amendment bills.
The executive orders include Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order, the proposed Amendment Bills are: Companies Income Tax Act (Amendment) Bill, Value Added Tax Act (Amendment) Bill, Customs, Exercise, Tariff (Consolidation) Act (Amendment) Bill, Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
Dangote Plans to Donate One-Third of Wealth to Charity as Legacy
NDPC Directs DCPMIs to Register with Agency or Face Legal Consequences
Malpass, Ex World Bank Chief Raises Alarm over Nigeria’s Secretive Debt Structures
How and Why Apps Deplete Data – ALTON
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
News2 days agoSee Verified 20 Countries Nigerian Passport Holders Can Travel Visa-Free
E-Business2 days agoReport Says Cybercriminals Deploy Malware to Hijack Crypto Wallets, Monitor Browsers Telegram
Telecom2 days agoNCC, REA Partner to Cut Telecom Costs with Renewable Energy
Telecom2 days agoSubscribers, Telcos Warn FCCPC over Airtime Lending Enforcement
E-Business2 days agoNPC Opens 131 Births, Deaths Registration Centres in Anambra
General News2 days agoAfDB, Nigeria Urge African Control of Mineral Resources
General News2 days agoLagos Chamber Opposes 21 Percent Pension Contribution, Warns of Job Losses
News1 day agoHistory as Lagos Becomes First Nigerian State to Launch Greenhouse Gas Registry