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Nigeria Facing Revenue Leakages, Not Bankruptcy – Fiscal Policy Committee Chair

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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Mr. Taiwo Oyedele, has dismissed claims that Nigeria is broke, stating instead that the country is experiencing revenue leakages. Oyedele made this clarification on Tuesday while addressing journalists at the 1st National Revenue Assurance Summit held in Abuja.

 

The summit, organized by the Nigerian Financial Intelligence Unit (NFIU), brought together representatives from all states of the federation and the Federal Capital Territory to discuss ways to optimize revenue collection.

 

“I would not say Nigeria is broke; I will say we have revenue leakages,” Oyedele said. He explained that the summit was part of efforts to tackle the challenge, adding, “How do you ensure that the revenue you have is getting to the government, and how are you sure government is using it efficiently for the people?”

 

He noted that the discussion extended beyond taxation to include the management of government assets, enterprises, and natural resources, including solid minerals. The chairman emphasized the importance of harmonizing these resources to increase revenue.

 

Oyedele stressed the need for equitable taxation, explaining, “Those who have been paying taxes are mostly the poorest. To protect these people, we plan to give them exemptions and ensure that those with the ability to pay start paying.” He argued that it is in the enlightened self-interest of the elite and upper middle class to pay taxes: “When they pay, they will no longer need to incur the implicit costs of running local services themselves.”

 

To address the revenue leakage issue, Oyedele called for collaboration among the federal, state, and local governments, particularly in the areas of data sharing and capacity building. “We need effective and reliable data collection to help all levels of government quickly ramp up revenue,” he said.

 

He criticized the tendency to celebrate incremental revenue growth from a low base, saying, “We need a leap, not incremental progress. Transformation is what we should aim for.” He also emphasized the importance of prioritizing government spending, ensuring efficiency, and promoting transparency and accountability.

 

“We are working on frameworks to address these issues, and with the necessary support, there’s no challenge we cannot solve. Nigerians will progressively witness improvements in governance, which will reflect in the quality of their livelihood and well-being,” Oyedele assured.

 

He added that the goal is not to enforce taxes by requesting voluntary payments but to use data to accurately determine tax liabilities. “Once we have the right data, everyone will pay their taxes without coercion. We are ensuring that small businesses and those who are too poor are not burdened, allowing us to focus on those who can provide maximum revenue,” he said.

 

The Chief Executive Officer of NFIU, Mrs. Hafsat Bakari, also addressed the summit, highlighting the importance of preventing tax avoidance and evasion. “For governments to build schools, provide healthcare, secure communities, and construct roads and bridges, there should be no room for tax avoidance,” she said.

 

Bakari revealed that the NFIU, traditionally focused on money laundering and terrorism financing, is now prioritizing tax crimes and revenue assurance. She emphasized the importance of cooperation between the NFIU and state revenue services: “Our analysis shows that most tax evasion happens at the state level, and we are committed to supporting sub-national governments with the financial data they need.”

 

She reassured state and federal revenue authorities of NFIU’s readiness to provide the support required to enhance revenue collection and address the needs of citizens.

 

 

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Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

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By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

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Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

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By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

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Pastor Ogundipe Decries Lack of Integrity Among Educated Nigerians

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By Samson Adeyanju

Pastor Alex Ogundipe, Chairman of the Governing Board of Christian Heritage International Bible College, Kubwa, Abuja, has expressed concern over the growing number of educated Nigerians who lack the character and integrity required to make meaningful contributions to society.

Ogundipe raised the concern during the matriculation ceremony of the institution’s 60 pioneer students, stressing that academic qualifications without moral discipline and upright character could undermine national development.

According to him, Nigeria has many knowledgeable and academically accomplished individuals whose inability to demonstrate integrity has negatively affected their contributions to their families, workplaces and communities.

“We have too many people in this country who are knowledgeable and wise in their own ways, but they do not have character and integrity. That affects their ability to impact their communities,” he said.

The cleric emphasised that education must go beyond the acquisition of certificates to the development of individuals who demonstrate honesty, accountability, faithfulness and commitment to serving humanity.

He explained that true integrity required consistency in personal conduct, whether at home, in the church, at work or within the larger society.

Ogundipe said the college was established not merely to impart biblical knowledge but to raise men and women whose lifestyles reflect Christian values and whose contributions would positively influence society.

He urged Christian leaders to demonstrate their faith through practical actions rather than mere religious declarations.

Speaking on Nigeria’s future, the cleric encouraged citizens to remain hopeful, pray for the country and contribute meaningfully to national peace, unity and development.

Earlier, the Rector of the institution, Pastor Samson Olukayode Aliyu, challenged the matriculating students to prioritise spiritual maturity and moral discipline alongside academic excellence.

Aliyu warned against examination malpractice, plagiarism, dishonesty and other forms of misconduct, stressing that academic certificates could demonstrate knowledge but could not substitute for good character.

“The Church does not only need gifted people; it needs godly people. We need leaders who will choose integrity over compromise, humility over pride, faithfulness over convenience and service over self-interest,” he declared.

He explained that the college offers six-month certificate programmes in theology and one-year diploma programmes in theology, leadership and prophetic studies.

One of the matriculating students, Akeem Omobolanle, who enrolled in the Diploma in Leadership programme, commended the institution’s approach to biblical education and expressed optimism that the training would strengthen his understanding of the Scriptures and prepare him for greater service in Christian ministry.

The ceremony marked the formal admission of the college’s pioneer students into its academic community.

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