President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth.

Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday.

The theme of the conference was ‘Taxation for development, policies, law and implementation.’

Tinubu, who was represented by the Minister of State for finance, Dr Doris Uzoka-Anite, said that the central pillar of the reforms was taxation.

”I believe that a robust, transparent and fair tax system is essential not only for financing government operations but also for creating an environment of accountability, stability and long-term development.

”Accordingly, the government has taken deliberate steps to restructure and modernise our tax administration and legal framework.

”In this regard, the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms marked a significant turning point,” the president said.

According to him, the committee was tasked to simplify the tax system, broaden the tax base, curb leakages and ensure alignment between fiscal policy and national development objectives.

“Members of the committee worked tirelessly to achieve their mandates, which include addressing issues of multiplicity of taxes and improving coordination between the federal, state and local government tax authorities.

“The Federal Government also pushed forward with the Economy Stabilisation Bill, which has now also been passed,” he said.

He said that the success of any reform depended on implementation, adding that the conference presented an opportunity for all stakeholders to explore how policies and laws can be translated into practical and measurable outcomes.

“This is also an occasion to discuss solutions to long-standing issues such as taxation, informal sector integration, fiscal federalism and equity in taxation.

“As tax professionals and policy makers, you are the custodians of Nigeria’s tax future. I, therefore, urge you to leverage this platform to engage meaningfully, challenge assumptions and craft pathways that will strengthen our tax institutions, boost revenue and ultimately improve the lives of Nigerians,” Tinubu said.

Vice-President Kashim Shettima said that the theme was an evidence that the CITN acknowledges the centrality of government revenue generation in the achievement of growth and development for any country.

Shettima was represented by the Special Adviser to the President on Economic Affairs under the Office of the VP, Dr Tope Fasua.

He said that the focus on the tax aspect of revenue conferred a dual responsibility on the taxpayer and the tax administrator (government).

“Taxation is crucial to the achievement of economic development.

“We hope to listen to ideas at this conference around how to ensure that a stakeholder’s view is taken right from the policy enactment stage up to the point of implementation.

“This is bearing in mind that taxation is a continuous affair, and legitimacy is conferred by the delivery of service to taxpayers.

”The need for a stakeholder point of view is why the Presidential Committee of Fiscal Policy and Tax Reforms is made up of professionals from diverse walks of life,” he said.

The 16th President of the CITN Council, Mr Samuel Agbeluyi, said that tax was an important factor in every economy.

Agbeluyi said that taxation was not merely a tool for revenue generation but a powerful instrument for promoting equity, redistributing wealth, incentivising growth and funding public services.

“However, for taxation to truly serve these developmental goals, policy formulation, legal framework and implementation mechanisms must be harmoniously aligned.

“When policy is progressive, the law is enabling and implementation is both efficient and equitable.

“The result is a tax system that engenders trust, encourages voluntary compliance and delivers shared prosperity,” Agbeluyi said.

He said that Nigeria faced significant challenges from economy to security and social dimensions, adding that there was a dire need for sustainable solutions.

“At the heart of these solutions lies our tax system. In this regard, one cannot overlook the commendable effort by the Tinubu-led administration.

“The work of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable socio-economic development through effective and efficient taxation system,” he said.

Central Bank of Nigeria (CBN) has issued a fresh advisory warning the public about the persistent activities of fraudsters peddling fictitious contracts, loans, grants and intervention funds under the guise of affiliation with the apex bank.

This is aimed at protecting Nigerians from financial fraud.

The advisory, signed by  Mrs Hakama Sidi-Ali, acting director, Corporate Communications, noted that despite an earlier advisory issued on November 18, 2024, these criminal elements continue to exploit unsuspecting individuals with fake offers falsely attributed to the CBN.

The apex bank has once again disclaimed any association with such claims, describing them as entirely fraudulent and misleading.

“The Central Bank of Nigeria has not authorised, licensed, or appointed any individual, group, or organisation to act on its behalf in offering contracts or financial benefits to the public,” the statement clarified.

According to the CBN, it does not engage in unsolicited communications, via emails, phone calls, SMS, WhatsApp or any social media platforms, to award contracts or disburse funds. It also stressed that the bank does not request payments or fees in exchange for any financial service or opportunity.

The apex bank urged the public to remain vigilant and to immediately report any suspicious approaches to law enforcement agencies or the nearest CBN branch.

“The Central Bank remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and curb fraudulent activities,” the statement added.

This advisory, the CBN spokesperson noted, comes as part of the regulator’s wider mandate to ensure transparency, financial integrity and public trust in Nigeria’s financial system.

Securities and Exchange Commission (SEC) has ramped up its fight against Ponzi schemes in Nigeria, vowing to take decisive action against illegal fund operators while educating the public to prevent further victimisation.

At an awareness campaign held in Abuja, the SEC emphasized its commitment to saturating public spaces with information about illegal investment schemes before enforcing the law on perpetrators.

Speaking at the event, Ms Frana Chukwuogor, executive commissioner Legal and Enforcement, Securities and Exchange Commission, warned of the dangers of patronising illegal fund operators known as Ponzi schemes.

She said that the Commission deemed it crucial to sensitize traders, empowering them to make informed decisions when approached with investment requests.

She explained that the campaign is a proactive step to combat the surge in fraudulent investment schemes in Nigeria, aligning with the Commission’s broader strategy to educate the public about Ponzi scheme risks and unregistered investment platforms before enforcing regulatory action.

“Our approach is simple but firm. We are not just a regulator that barks and does not bite. We believe in engaging, enlightening, and empowering the Nigerian people before enforcing the law. We will sensitize before barking and biting,” she stated.

She explained that too many Nigerians, especially those at the grassroots, fall victim to Ponzi schemes due to lack of information or false promises of quick, unrealistic returns, emphasizing that many of these schemes are not registered or regulated by the SEC, making them dangerous and illegal.

“We have seen people lose their life savings, their businesses, and their peace of mind.

That is why we are taking this message to the markets, motor parks, online platforms, anywhere Nigerians are making financial decisions. Prevention through education is our first line of defense,” she added.

Mr Abdusalam Khalid, head of Enforcement Department, Securities and Exchange Commission, warned that while education is the first step, it will not hesitate to prosecute illegal operators who refuse to cease their fraudulent activities

He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.