E-Financial
FG Expresses Commitment to Comprehensive Tax Reforms to Enhance Economic Growth
President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth.
Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday.
The theme of the conference was ‘Taxation for development, policies, law and implementation.’
Tinubu, who was represented by the Minister of State for finance, Dr Doris Uzoka-Anite, said that the central pillar of the reforms was taxation.
”I believe that a robust, transparent and fair tax system is essential not only for financing government operations but also for creating an environment of accountability, stability and long-term development.
”Accordingly, the government has taken deliberate steps to restructure and modernise our tax administration and legal framework.
”In this regard, the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms marked a significant turning point,” the president said.
According to him, the committee was tasked to simplify the tax system, broaden the tax base, curb leakages and ensure alignment between fiscal policy and national development objectives.
“Members of the committee worked tirelessly to achieve their mandates, which include addressing issues of multiplicity of taxes and improving coordination between the federal, state and local government tax authorities.
“The Federal Government also pushed forward with the Economy Stabilisation Bill, which has now also been passed,” he said.
He said that the success of any reform depended on implementation, adding that the conference presented an opportunity for all stakeholders to explore how policies and laws can be translated into practical and measurable outcomes.
“This is also an occasion to discuss solutions to long-standing issues such as taxation, informal sector integration, fiscal federalism and equity in taxation.
“As tax professionals and policy makers, you are the custodians of Nigeria’s tax future. I, therefore, urge you to leverage this platform to engage meaningfully, challenge assumptions and craft pathways that will strengthen our tax institutions, boost revenue and ultimately improve the lives of Nigerians,” Tinubu said.
Vice-President Kashim Shettima said that the theme was an evidence that the CITN acknowledges the centrality of government revenue generation in the achievement of growth and development for any country.
Shettima was represented by the Special Adviser to the President on Economic Affairs under the Office of the VP, Dr Tope Fasua.
He said that the focus on the tax aspect of revenue conferred a dual responsibility on the taxpayer and the tax administrator (government).
“Taxation is crucial to the achievement of economic development.
“We hope to listen to ideas at this conference around how to ensure that a stakeholder’s view is taken right from the policy enactment stage up to the point of implementation.
“This is bearing in mind that taxation is a continuous affair, and legitimacy is conferred by the delivery of service to taxpayers.
”The need for a stakeholder point of view is why the Presidential Committee of Fiscal Policy and Tax Reforms is made up of professionals from diverse walks of life,” he said.
The 16th President of the CITN Council, Mr Samuel Agbeluyi, said that tax was an important factor in every economy.
Agbeluyi said that taxation was not merely a tool for revenue generation but a powerful instrument for promoting equity, redistributing wealth, incentivising growth and funding public services.
“However, for taxation to truly serve these developmental goals, policy formulation, legal framework and implementation mechanisms must be harmoniously aligned.
“When policy is progressive, the law is enabling and implementation is both efficient and equitable.
“The result is a tax system that engenders trust, encourages voluntary compliance and delivers shared prosperity,” Agbeluyi said.
He said that Nigeria faced significant challenges from economy to security and social dimensions, adding that there was a dire need for sustainable solutions.
“At the heart of these solutions lies our tax system. In this regard, one cannot overlook the commendable effort by the Tinubu-led administration.
“The work of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable socio-economic development through effective and efficient taxation system,” he said.
Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said that under the new tax laws, Nigerian households earning ₦250,000 or less per month are classified as poor and exempt from paying taxes.
The former tax leader at PriceWaterhouseCoopers (PwC) stated this on Channels Television’s Politics Today on Thursday, a few hours after President Bola Tinubu assented to four new tax bills.
Oyedele, whom the President appointed in July 2023, described his two-year stint as chair of the tax reform committee as both eventful and challenging.
He said that the objectives of the new laws, which would take effect from January 2026, were not intended to increase taxes but to stimulate economic activity in the country and track tax evaders.
President Bola Tinubu sits as he signs four new tax bills into law at the Presidential Villa in Abuja on Thursday, June 26, 2025 in the presence of top government officials. C
Oyedele stated that the new laws would also protect businesses and ensure that the government doesn’t tax poverty, adding that the new laws are efficiency-driven, growth-focused, and people-centric.
“This tax law will not give you cash in your pocket, but at least it won’t take your cash away if you are poor.”
He said nobody earning below ₦250,000 would have to pay taxes because they don’t even have enough.
“We have eliminated the tax component for people at the bottom, we have reduced for people at the middle, and we have increased slightly for people at the top.
“That middle, we estimated it at about ₦1.8 to ₦2m a month. If you are earning that amount and below, your tax will not be zero but it will reduce from what you are paying today,” he stated, noting that those who earn this amount are about 5% of the total Nigerian population.
The tax boss said to arrive at a decision, his committee debated the poverty line of an average Nigerian.
Oyedele said, “We debated this question; we said: ‘Who is a poor person in Nigeria?
“First, we started with data like the World Bank and the UN will tell you two dollars, fifteen cents a day per person means you are at the poverty line but there are people who do not earn two dollars a day but they are not poor because they produce the food that they eat and they do not pay for transportation. I lived and grew up in the village.
“So, we had to factor that in. We drew our own (poverty) line for Nigeria on the basis of an average of five people per family: two people working if they are lucky, taking care of the five.
“When we did the maths, it gave us an amount, and that was what we used in determining the income below which nobody should pay taxes.
“We came up with a ₦120,000 or ₦130,000 per two people working in a household of five. If the earnings are about ₦250,000, they can take care of themselves. Of course, they are not going to have luxury, but at least they can take care of themselves. They are poor, and they shouldn’t pay taxes.”
“When we did the maths, it gave us an amount, and that was what we used in determining the income below which nobody should pay taxes.
“We came up with a ₦120,000 or ₦130,000 per two people working in a household of five. If the earnings are about ₦250,000, they can take care of themselves. Of course, they are not going to have luxury, but at least they can take care of themselves. They are poor, and they shouldn’t pay taxes.”
Oyedele stated that Nigeria currently collects only about 30% of what the country should be receiving in taxes, noting that the objective of the new tax laws is to close the 70% gap.
The Cable NG reports that the market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.
According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.
The increase moved the company’s valuation from N991.6 billion to N1 trillion.
With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.
The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.
On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.
Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.
According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.
The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.
In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.
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