Economy
Nigeria’s Tax to GDP Ratio Rises to 8%
By Dipo Olowookere
Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, has disclosed that the tax to Gross Domestic Product (GDP) of Nigeria is around 7 to 8 percent, which the Accountant said was too low for the country.
She made this disclosure recently in a television interview monitored in Abuja, where she highlighted how she plans to improve the economy of the country by formulating growth-driven policies.
During the interview, the Minister said the nation’s debt portfolio was not high as feared by some Nigerians, stressing that the problem confronting the economy was basically low revenue generation, not high debt profile.
According to her, efforts would be increased towards boosting non-oil revenue in order to bridge the gap and keep the debt to GDP ratio at a manageable level.
“We have to become more efficient in our revenue collection as well as enforcement. Tax to GDP is still 7 or 8 percent to GDP which is too low. Our ERGP target is 15 percent,” she said.
Mrs Ahmed declared that “we have to increase taxes and we have reduced our dependence on oil revenue. We have to increase our non-oil revenue.”
“We have to continue to emphasise our increase in non-oil revenue. Even as we try to maximize what we can’t from the oil revenue,” she added.
Explaining why the ministries of Finance and Budget and National Planning were merged by President Muhammadu Buhari, she said it was purely to ensure better coordination.
“There was the challenge of the implementation of the budget and there was this gap as to what was seen as a priority as seen by the Ministry of Finance and what was seen as the priority as seen by the Ministry of Budget and National Planning.
“Of course, the Ministry of Finance is the treasury so it always had its way because it was the one that was disbursing the funds.
“It created a significant strain and the President decided to bring back the Budget Office to the Ministry of Finance and brought the Planning to the Ministry so that we can maintain the positive trend of linking budget with plans,” the Minister said on the programme.
While admitting that her current mandate “is a very wide one,” she explained that she was already working out how things will work between the planning budget and finance.
“My role is to coordinate all these and make sure that, as much as possible, there are no delays in implementation.”
While commenting on the foreign exchange market in Nigeria, Mrs Ahmed said “there is still a gap and that gap is what we have to bridge and narrow as much as possible from 305 to 360.”
“That is one of our targets,” she stated while disclosing “we have been having a cordial working relationship with the monetary authorities but we have to do more.”
“We did a quick assessment on the ERGP’s impact on households. We have agreed that the priority will have to be agriculture and food security, power, petroleum, as well as, oil and gas, manufacturing, as well as, small and medium enterprises; and the alignment of the fiscal and monetary policies.
“Of course, security and fight against corruption and we added housing and financing of SMEs,” she said.
Mrs Ahmed also said that her team would work more closely with the monetary authorities for better coordination of the economy.
“As a result of the gaps, the monetary authorities are developing or implementing policies that ideally should have been done by the fiscal authorities. So, we have to bridge that gap.
“And maybe because there is not enough impetus from the fiscal side, the monetary authorities appear in some cases to be running faster than the fiscal.
“For me, we have been able to establish an excellent relationship with the CBN and working together, we have to determine things that have to do with tariffs, imports and exports,” she added.
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.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded a 3.11 per cent week-on-week loss last week as a result of the decline suffered by 65 equities. In the preceding week, the bourse ended with 51 price decliners.
In the five-day trading week, 23 equities appreciated compared with 34 equities a week earlier, while 58 equities remained unchanged versus 61 equities in the preceding week.
Business Post reports there was no room for the bulls in the week, as all other indices closed in red, except for the sovereign bond, which finished flat.
ABC Transport lost 24.73 per cent to trade at N6.21, University Press shrank by 17.07 per cent to N5.10, Eterna crashed by 12.92 per cent to N30.00, John Holt slipped by 12.09 per cent to N14.90, and First Holdco decreased by 11.43 per cent to N62.00.
On the flip side, International Energy Insurance gained 60.62 per cent to sell for N7.26, Abbey Mortgage Bank expanded by 47.24 per cent to N9.35, Tripple Gee grew by 9.80 per cent to N4.37, Ikeja Hotel increased by 9.45 per cent to N44.00, and RT Briscoe soared by 8.86 per cent to N14.86.
At the close of business, market participants traded 3.966 billion shares worth N175.659 billion in 343,587 deals, in contrast to the 2.398 billion shares valued at N111.480 billion transacted in 241,313 deals a week earlier, which had only three trading sessions due to the Sallah holiday.
The financial services industry led the activity chart with 2.690 billion stocks sold for N69.975 billion in 134,882 deals, contributing 67.83 per cent and 39.84 per cent to the total trading volume and value, respectively.
The services sector exchanged 323.601 million shares worth N6.443 billion in 25,906 deals, and the ICT segment traded 176.039 million equities valued at N27.892 billion in 40,837 deals.
Access Holdings, Abbey Mortgage Bank, and Sterling Holdco accounted for 1.290 billion units worth N17.560 billion in 17,768 deals, contributing 32.53 per cent and 10.00 per cent to the total equity turnover volume and value, respectively.
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