News
Buhari Waxes Worriedly over Current Tax Administration
President Muhammadu Buhari Tuesday expressed concern at the current tax system in the country characterised by fragmented administration, multiple and sometimes overlapping taxes.
Buhari in Abuja while declaring open the second National Tax Dialogue Week with the theme : ‘’Tax Harmonisation for Enhanced Revenue Generation”.
He said: ‘’In most tax-efficient nations, tax administrative processes and practices are harmonised within a single system.
‘’One key deliverable of this year’s tax dialogue is to promote synergy in tax administration among the different tiers of government.
‘’Harmonising taxpayer identification across the country is a good start; but we must do more to promote ease of doing business (including ease of tax compliance) in Nigeria.
‘’On our part, we have started by clarifying in the 2021 Finance Act that FIRS is the sole authority to administer tax for the Federal Government.
‘’This clarification became necessary in order to avoid taxpayers being burdened with multiple tax compliance obligations towards different agencies of the same government.
‘’Multiplicity of tax administration is as undesirable as multiplicity of taxes; it creates uncertainty and instability; and above all, it is inefficient,’’ the president said in a statement issued by Femi Adesina, his spokesman.
President Buhari told participants at the tax dialogue that there was an urgent need to maximise domestic revenue within the extant tax policy and laws in the face of dwindling revenues from commodities.
He, therefore, proposed improved tax revenue for the country which will not necessarily impose new tax rates on Nigerians.
On Nigeria’s tax-to-GDP ratio, the president said the country also needed to do more in securing a buoyant domestic revenue base of the country that bequeathed an enduring economic foundation, political stability and social harmony to the next generation.
He further spoke on the importance of the tax dialogue, which was instituted by the minister of finance, budget and national planning, and the executive chairman, Federal Inland Revenue Service (FIRS).
President Buhari said the most important testament to the success of the first edition of the dialogue was the fact that the FIRS achieved 100 per cent of its collection target in 2021 and surpassed N6 trillion revenue threshold for the very first time, assuring Nigerians that the present administration would continue ‘’to maintain prudent management of our collective resources.’’
In her remarks, Hajiya Zainab Ahmed, minister of finance, budget and national planning, said the main tax revenue objectives of the federal government included developing an “economy that does not lean too heavily on resource wealth.”
She said Nigeria’s economic history provided enough facts that resource wealth alone could not lead to sustainable development, self-sufficiency and sustainable.
Muhammad Nani, chairman FIRS, who thanked the president for his directive to government agencies to enable FIRS connect to their ICT systems, said this singular pronouncement softened the grounds for the Service to roll-out its system for seamless acquisition of data.
On the remittances of the service to the federation account, the FIRS Chairman announced that statistics from March, 2022, Federation Account Allocation Committee (FAAC) meeting showed that out of a total revenue of N803.072bn from all revenue agencies, tax revenue contributed by FIRS was N513.522bn (63.94 per cent) while non-tax revenue from all other agencies amounted to N289.55bn (36.06 per cent).
The chairman said the average tax or FIRS contribution to FAAC in 2021 was 59.45 per cent.
He, however, expressed surprise over the politicisation of tax revenue generation and called on the president to wade in and dissuade the political tax gladiators to sheathe their swords.
“Tax revenue is an inherently apolitical issue; it should be treated as such by all, irrespective of their political leaning, ‘’ he added.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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