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Nigeria Loses over N40 Trillion to Tax Incentives – CISLAC
Auwal Ibrahim Musa (Rafsanjani), executive director, Civil Society Legislative Advocacy Centre (CISLAC), on Monday, called for robust legislative instruments that will block leakages through tax incentives, which has led to the loss of over N40 trillion in revenue.
He gave the charge in Abuja, during the opening of a two-day sensitization and capacity-building workshop on “Identifying and strengthening legislative pathways for reforming tax expenditure governance in Nigeria” organized by CISLAC in collaboration with the National Institute of Legislative & Democratic Studies (NILDS).
“Nigeria is losing a lot of billion nairas to suspicious and dubious tax waivers, concessionaires, tax holidays, and what have you… But unfortunately, these resources are being diverted or stolen.
“Given that Nigeria is always going to borrow money, and even when we borrow it, it’s not being complied with based on our fiscal responsibility law.
“The projects that Nigeria always say they are borrowing money to do, we hardly see those projects being executed. So, we did not need to go and borrow money, when we had a lot of money that we should have utilized domestically. N40 trillion is a huge amount of money.
“Therefore, there’s no reason why Nigeria should continue to go and be borrowing money when we are losing a lot of money that we could have saved for development.
“The oil thefts have continued to happen in this country, the authorities are aware of that, but no serious action has been taken to block that.. therefore, money laundering and illicit financial flow are all part of what is crippling the economy.
“Currently, many factories have closed down because there’s no power and the environment which the business will also thrive is also marred with a lot of corruption. So, a lot of jobs are being lost on regular basis in this country, increasing the number of unemployed people, increasing the number of poverty in the country and therefore we believe that it is important as a responsible citizen, we should do everything possible to support the sincere efforts of government to block leakages,” he noted.
While noting that taxation remains the most viable and reliable fiscal policy tool for revenue mobilization towards sustainably financing development, he averred that Nigeria has “long explored a Tax expenditure regime to realize significant growth and development in pioneer industries, and foreign direct investment.
“In principle, tax waivers, concessions and exemptions are sound and ideal arrangements both as economic tools and from the viewpoint of competitive international trade. This is because local businesses/industries must be positioned to improve their fortunes and attain international competitiveness.
“However, the Nigerian case appears plagued with challenges, including abuses observable to the Nigerian public. According to the Global Tax Expenditure Database 2020 report, Nigeria had a Tax Expenditure of N5.84 trillion (3.8% of its GDP), just over 50% of its 2020 budget. Similarly, the Federal Government noted that the Tax Expenditures in 2021 amounted to N6.68 trillion, approximately 4 per cent of the GOP.
“Reports of indiscriminate waivers and concessionary approvals have all contributed to questioning this government initiative’s bearing and economic sustainability.
“The law regulating the granting of incentives places enormous discretionary powers to the Executive arm of government. The governance of the incentive regime is also, at best, opaque and lacks the scrutiny necessary to guarantee transparency and accountability in the process, leading to a situation where the supposed benefits are not optimized. The offer of these incentives, though put in place presumably to grow the economy, is not without associated costs.
“Recent studies have shown that investors do not see these incentives as key factors to attract inbound investments and tend to be injurious to the economies of implementing countries in the long run. This is as it is seen to reduce the propensity to generate needed resources for providing socio-economic services, encouraging local industrial revolution and gross domestic production, growth and national development.
While acknowledging that the 10th Assembly has reportedly launched over 50 probes into the alleged mismanagement of funds and other infractions by MDAs, including the recent House probe into the N14 trillion revenue loss to tax incentives, waiver abuses by public institutions and companies benefitting from such incentives, he lamented that these investigative hearings “are yet to yield any significant prosecutorial actions and/or outcomes as the National Assembly lacks the constitutional power to prosecute erring officials.”
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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