Economy
Gov. Sanwo-Olu at the 2024 Abuja Tax Conference Seeks Sustainable Tax Culture in Nigeria
Nigeria’s Federal Capital Territory, Abuja, was agog from Monday, May 13, 2024, as delegates from across the length and breadth of Nigeria gathered for the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN).
The theme of the 5-day Conference is: ‘Sustainable Tax Culture and Economic Roadmap for Nation Building”.
In the course of the ongoing conference, delegates engaged with industry leaders, tax professionals and other policymakers in fruitful discussions on the ever-evolving landscape of taxation in Nigeria. Among the topics of discourse (in a series of formal and informal sessions) were ways of exploring innovative strategies to enhance revenue streams, as well as grappling with the intricacies of regulatory frameworks. Each session provided profound insights into the factors shaping fiscal policies at the national and sub-national levels. The conference was also an opportunity to exchange ideas, share best practices, and network with experts from diverse backgrounds, as well as to further reinforce the commitment of the Nigerian tax community to foster collaboration and seek informed solutions to the complex challenges facing the country’s tax system in particular, and the Nigerian economy in general.
Among the key speakers at the confab was the Governor of Lagos State, Mr Babajide Sanwo-Olu, who was ably represented at the gathering by his Special Adviser on Taxation and Revenue, Mr Abdul-Kabir Opeyemi Ogungbo.
The Conference theme, the Governor said, highlights the need for a clear economic roadmap that incentivizes investment, job creation, and economic diversification. emphasizing the need to make the Country’s tax system more transparent and accountable to Nigerians, so as to boost confidence and voluntary compliance. He added that the theme of this year’s Conference was timely, given that Nigeria was currently on the cusp of recovery in accordance with the growth plan being put in place. Such recovery, the Governor asserted, will entail building a strong and sustainable future through a robust tax system that fosters economic growth and development.
“We need to explore innovative ways to expand the tax base,” he said, “while fostering a business environment that allows our economy to thrive.”
Speaking through his SA, Ogungbo, the Lagos State Chief Executive added that this would require governments to be more efficient in tax administration – because taxpayers would need to see that their contributions are being used effectively for public services and infrastructural development.
On the other hand, however, he urged the taxpayers to have a mindset shift, pointing out that taxes are an investment in the collective future of our people, rather than a burden to be avoided at all costs.
The Governor praised recent efforts to streamline state-level taxes and efforts to focus on integrating the growing remote workforce into the tax net, saying it will empower Nigerians to be active participants in nation-building. He also commended the CITN (the organizers of the Conference) for playing a crucial role in fostering this vital shift.
Hon. Abdul-Kabir Opeyemi Ogungbo concluded by encouraging the people to always remember that, “a thriving tax system is not just about collecting revenue, it’s about empowering Nigerians to be active participants in nation-building. By ensuring a system that is transparent, efficient, and fosters a sense of shared responsibility, we can unlock Nigeria’s true economic potential.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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