By Omoniyi David

Lawmakers from 16 African countries met in Abuja last week for the 8th Conference of the African Network of Parliamentary Budget Offices (AN-PBO), warning that fiscal leakages drain the continent of an estimated $587 billion annually.

The conference, hosted at the Abuja Continental Hotel, underscored Nigeria’s vulnerability as Africa’s largest economy, where corruption and illicit financial flows continue to undermine development.

In his keynote address, Speaker of the House of Representatives, Tajudeen Abbas, decried the scale of losses.

“Every year, billions that should be building hospitals in Nairobi, equipping schools in Accra, or paving roads in Lagos vanish into illicit flows and profit shifting. Corruption alone drains Africa of $148 billion annually. This is unsustainable,” he said.

Abbas revealed that Nigeria’s procurement fraud costs about $18 billion yearly, equivalent to 3.8 percent of GDP – money that could finance critical infrastructure. He described the losses as a harsh reminder of how much disappears before budgets are implemented.

Clerk to the National Assembly, Kamoru Ogunlana, called the summit “a springboard for innovation and a moment to reimagine fiscal governance across the continent.”

The Nigerian context added urgency to the discussions. The country loses an estimated $582 billion to corruption since independence, with PwC projecting that unchecked graft could erode up to 37 percent of GDP by 2030.

In 2014 alone, every Nigerian effectively lost about $1,000 to corruption, a figure projected to double by 2030.

Delegates noted that African countries with high illicit financial flows spend up to 25 percent less on health care and 58 percent less on education.

Experts stressed that with Nigeria’s $18 billion annual loss, the country could build between 1,800 and 3,600 fully equipped hospitals each year, rehabilitate schools, or finance major road projects.

The consequences, they observed, are visible in underfunded hospitals, dilapidated schools, poor infrastructure, and worsening insecurity across the northeast, northwest, and Niger Delta.

Participants debated reforms including establishing independent budget offices, improving fiscal data, and enforcing procurement transparency.

Abbas assured that Nigeria’s planned National Assembly Budget and Research Office would strengthen lawmakers’ oversight and accountability.

The conference closed with resolutions to improve fiscal discipline across Africa. But observers noted that Nigeria’s ability to act on the recommendations and stem its $18 billion annual losses will determine whether the resolutions translate into real development.

By Samuel Adeola

The Federal Government has disclosed that over ₦600 billion in Value Added Tax (VAT), has been collected from international digital service providers such as Facebook, Amazon, and Netflix.

The collections follow amendments to the VAT Act empowering the Federal Inland Revenue Service (FIRS), to tax non-resident companies offering services in Nigeria.

Special Adviser on Tax Policy, Mr. Mathew Osanekwu, confirmed the development, noting that the firms are now registered in Nigeria and serve as agents of collection under Section 10 of the VAT Act.

Meanwhile, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Prof. Taiwo Oyedele, clarified that the Tinubu administration has not introduced new taxes.

He explained that levies recently in public debate, such as the cybersecurity levy and the five per cent fuel surcharge, were already provided for in existing laws.

Oyedele further announced that tax reforms set to take effect in January 2026 will exempt individuals earning less than ₦800,000 annually from personal income tax. Small businesses with turnover below ₦100 million will also benefit from a zero per cent corporate tax rate.

Describing Nigeria’s economy in May 2023 as “on the verge of collapse,” Oyedele said the reforms were crucial to prevent a deeper crisis.

“People may ask whether life is better now than it was two years ago. The right question is: would life have been better today if those reforms hadn’t happened?” he stated.

By Huldah Shado

The Federal Government has launched an initiative to decarbonize the Nnamdi Azikiwe International Airport, Abuja, as part of efforts to reduce the aviation sector’s environmental footprint.

Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this at a stakeholder engagement on carbon emissions management, stressing that climate change demands collective action and sustainable solutions.

He outlined measures under consideration, including electrification of aprons and terminals, the development of sustainable aviation fuel corridors, and waste-to-energy projects.

According to him, securing Airport Carbon Accreditation (ACA), certification for Abuja would signal Nigeria’s commitment to balancing aviation growth with environmental responsibility.

“Modern, fuel-efficient aircraft and environmentally conscious airlines prefer hubs that prioritize low-carbon operations. Achieving ACA certification will position Abuja airport as a sustainable aviation hub,” Keyamo said.

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku, also warned that climate change poses serious risks to the aviation industry.

She reaffirmed FAAN’s commitment to emission reduction, citing mapping exercises at key airports that showed electricity consumption accounted for about 90% of emissions at Lagos airport between 2017 and 2023.

She added that Lagos has already begun implementing reduction measures, which will be expanded as the airport’s terminals are reconstructed and upgraded.

On September 9, 2025, the Minister and FAAN leadership reiterated the need for collaboration among stakeholders to address climate change challenges and promote sustainable aviation practices nationwide.