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KPMG Says Higher Taxes Don’t Necessarily Lead to Sustainable Growth

KPMG, a global tax and advisory firm, has said that “no country can tax its way to prosperity,” adding that there is empirical evidence to prove that higher taxes do not lead to sustainable growth.
KPMG criticised the actions of the Central Bank of Nigeria (CBN) regarding its move to implement a cybersecurity levy.
It noted that the timing of the implementation of the section of the Act is wrong considering the prevailing economic conditions in the country.
It stated that because Nigeria faces a significant revenue challenge, the government may go to any length to mobilise the required revenue. However, it was noted that higher taxes do not lead to sustainable growth.
It highlighted that even though the cybercrime levy is not new—it has existed since 2015—the timing of its implementation is suspect, considering prevailing economic challenges.
“The timing of any reforms is essential to the success of such reforms. This underscores the current public resistance to the implementation of the levy. This is certainly not the right time to implement this levy,” it said.
It stated that various reports have indicated that the government may raise about N3 trillion annually from the levy, but the government should have made a formal presentation to the public of the cost and benefit analysis. “It is always critical that the enactment of any tax or levy be accompanied by the tax expenditure statement to provide information as to whether the benefits of such tax or levy outweigh its cost,” it said.
KPMG also questioned how the implementation of the act would drive financial inclusion in the country, given the fear that individuals and businesses would resort to other forms of transaction.
Last week, the CBN asked banks and payment service providers to begin deducting 0.5 percent from electronic transactions as a cybersecurity levy to be managed by the Office of the National Security Adviser (ONSA).
President Bola Tinubu has now urged the CBN to suspend the implementation of this levy and called for a review.
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FG Invests N2.5Bn in Satellite Surveillance System to Revolutionise Mining Sector

Federal government has unveiled N2.5 billion Satellite Surveillance System aimed at revolutionising the mining sector by boosting efficiency, improving safety measures, and fostering economic growth.
Dr. Olugbenga Oyewole, managing director, MikyWay Visuals Limited, detailed how the satellite technology will transform Nigeria’s mining landscape in an interview with Voice of Nigeria,
Oyewole, who represents the commercial wing of the National Space Research and Development Agency (NASRDA), the body responsible for implementing the satellite infrastructure, described MikyWay Visuals Limited as a “pseudo-government company,” highlighting its ties with the government through NASRDA.
“By using satellite data, we are able to monitor, assess, and provide actionable insights to help improve Nigeria’s mining sector,” he noted.
He said the key component of the satellite monitoring system is the creation of a comprehensive mineral map of Nigeria, which will outline the locations of various mineral deposits across the country, “by integrating satellite data with mining licenses issued by the Ministry of Solid Minerals, inspectors can easily identify illegal mining activities and ensure compliance with regulations.”
The Managing Director further explained that miners will be equipped with Radio Frequency Identification (RFID), tagged ID cards, which will enable authorities to verify the legitimacy of mining operations.
He noted that the satellite surveillance also serves a crucial safety function by assessing the integrity of mining sites.
“If a mine is at risk of collapse, the technology will trigger early warnings, allowing authorities to evacuate workers and prevent disasters.
“Satellite data gives us an overview of the entire country, and it doesn’t forget anything,” he said.
Oyewole stated that the system will track the movement of mined materials, process taxes and royalties, and generate QR codes that will facilitate the traceability of minerals as they are transported across the country.
“When customs or law enforcement encounter a truck carrying minerals, they can scan the QR code to verify the authenticity and trace the mineral back to its source,” he explained.
The first phase of the project will include the implementation of these technologies, while the second phase will focus on deploying the electronic reporting platform.
“The goal is to optimise revenue, enhance safety, and ensure that Nigeria’s mining industry operates responsibly and sustainably.”
Oyewole emphasised the principle of “working smart” in operations, noting that targeted strategies can significantly enhance efficiency.
For instance, rather than monitoring every border for illegal exports, customs officials can focus on specific routes, optimising resources.
This smart approach also extends to the mining sector, where inspectors can be directed to high-activity areas, minimising unnecessary manpower.
Oyewole explained that in cases where real-time data is needed, “drones connected to satellite communication are employed for live monitoring.”
Citing the ability to provide live footage of mining operations and share it instantly with government officials, allowing them to direct their teams efficiently.
He also touched on the security of satellite surveillance data, emphasising that access would be restricted on a “need-to-know” basis.
Mining inspectors would only have access to information relevant to their operations, while sensitive data would be available to select agencies like the Ministry of Mines and Steel Development, National Security Adviser (NSA), and the Department of State Services (DSS).
In addition, the technology allows for the review of historical data, which can be crucial for tracking unpaid revenues or past illegal activities.
On the topic of satellite and security data, Oyewole mentioned that the technology being used is beyond reproach.
“You can’t deceive anyone,” he said, referring to spectrophotometers and RFID chips that ensure the authenticity of materials being transported.
“If you are carrying in a truck, maybe you are carrying maybe some gold sand or something, and you get to the customs or anybody, or you meet the mining marshal, and you tell them that this is a bentonite, I’m going to just apply for them to drill pretending as if it’s ordinary sand.
“The spectrophotometer, once you point it at it, it will tell you exactly what and what are in that thing that you are carrying.”
In addressing concerns about the potential for corruption or compromise, Oyewole was confident that the transparency of the technology would eliminate such risks.
“Even if I, as the managing director, were to compromise, the ministry, NSA, or DSS would have access to the same data, making any attempts at deceit impossible.”
Oyewole also advocated for the establishment of refineries in Nigeria to further process minerals, such as gold, to international standards.
By doing so, he suggested, Nigeria could ensure the traceability of its minerals and maximise their economic value.
The government’s proactive approach to creating a traceable and responsible mining industry, he added, will be a key factor in boosting Nigeria’s global competitiveness in the sector.
He believes Nigeria embracing geospatial technology, is essential to effective national governance.
“The difference between Nigeria and America, lies in the use of technology and data agency collaboration. If we leverage these properly, Nigeria can emerge as a global leader, just as America has and we are excited, and this will not be another abandoned project,” he concluded.
News
AfDB Provides €5m Grant to IITA to Advance Agricultural Transformation in Africa

The African Development Bank has provided a €5 million grant in supplementary financing to the International Institute of Tropical Agriculture (IITA) to advance food security and climate-resilient agriculture across Africa.
Dr. Abdul Kamara, the Bank’s Director General for Nigeria, and Dr. Simeon Ehui, IITA’s Director General, signed the grant agreement in Abuja on March 13, marking a key milestone in the second phase of the Technologies for African Agricultural Transformation (TAAT-II) program.
Funded by the Federal Republic of Germany through the Bank’s Transition Support Facility Donor Contributions Window, this grant will support high-impact agricultural activities under TAAT-II. Previously, on July 15, 2022, the Bank Group’s Board of Directors approved $27 million to kickstart this crucial second phase, reinforcing efforts to transform agriculture across the continent.
TAAT is a flagship program under the Bank’s Feed Africa Strategy, executed by IITA in partnership with CCGIAR -the world’s largest global agricultural innovation network, National Agricultural Research and Extension Systems, and key private sector partners.
The program takes a regional approach to agricultural productivity by rapidly delivering proven technologies to millions of farmers across the continent. The Bank previously financed the first phase (TAAT-I) with $40 million, which successfully delivered transformative crop, livestock, and fish production technologies to over 20 million farmers in more than 31 African countries. These efforts have enhanced food security, increased farmer incomes, and strengthened agricultural resilience.
Building on the achievements of the TAAT-I program, TAAT-II aims to scale up agricultural innovations across the continent, equipping countries with the tools needed to increase productivity and drive economic growth.
This €5 million grant will support target transformative activities under the TAAT-II program, including scaling farmer training programs to enhance productivity, strengthening the technical capacity of national agricultural institutions, and promoting sustainable farming practices that build resilience against climate change.
The grant will directly benefit Nigeria, Tanzania, Mozambique, Malawi, Uganda, and Rwanda by facilitating knowledge transfer, equipping smallholder farmers with advanced agricultural techniques, and establishing a more resilient and self-sufficient agricultural sector across these countries.
At the signing ceremony, Dr. Kamara reaffirmed the Bank’s commitment to Africa’s agricultural transformation: “TAAT is not just an agricultural program; it is a revolutionary initiative that continues to harness cutting-edge technologies, supporting Africa’s food sufficiency.
This funding is another decisive step in securing Africa’s food future, as investment in technology, capacity building, and financing solutions are integral to the program’s success.
TAAT-II is even more critical, as it builds on past successes to scale impact, and the African Development Bank is confident that the program will push Africa’s productivity boundary, strengthen food security, and create economic opportunities for millions.”
Dr. Ehui emphasized that the grant will drive real impact where needed most, highlighting IITA’s role as a key executing partner, ensuring that African farmers gain direct access to the best agricultural innovations.
“This investment will help CGIAR bring proven technologies to scale, strengthen seed systems, and empower farmers with climate-resilient solutions. We are committed to working with the African Development Bank and other partners to ensure that smallholder farmers, who are at the heart of Africa’s food system, benefit from these advancements,” Ehui said.
News
Tinubu Appoints Olukayode Gregory Pioneer Registrar of New Federal University

President Bola Ahmed Tinubu has appointed Dr. Obayomi Olukayode Gregory as the Pioneer Registrar of the newly established Federal University of Medicine and Medical Sciences in Abeokuta, Ogun State.

L-R: Dr. Gregory Olukayo, Pioneer Registrar of the newly established Federal University of Medicine and Medical Sciences in Abeokuta, Ogun States and Dr. Maruf Tunji Alausa, Honourable Minister of Education
This appointment marks a significant milestone in the development of the university, which was established in 2023.
As the Pioneer Registrar, Dr. Gregory will play a crucial role in setting up the university’s administrative structures, policies, and governance frameworks.
His extensive experience in university administration, security, and public relations makes him well-suited for this critical national assignment.
Dr. Gregory holds a PhD in Political Science from Nile University, Abuja, and has completed various academic programs in international relations, peace and conflict studies, and journalism.
His academic background has equipped him with expertise in governance, institutional strategy, public relations, and conflict resolution.
Throughout his career, Dr. Gregory has demonstrated a deep commitment to excellence in public service, national security, and university administration.
He has held key positions in university administration, government agencies, and security services, including Deputy Registrar at the National Mathematical Centre, Abuja, and Senior Security Officer at the Nigerian State Security Service (SSS).
In addition to his administrative and security expertise, Dr. Gregory has made significant contributions to academic publishing and media.
He has served as Editor-in-Chief of The Mathematician Magazine and is a member of several prestigious professional organizations.
As the Pioneer Registrar, Dr. Gregory is tasked with laying the groundwork for a world-class institution dedicated to medical education and research.
His leadership is expected to drive the institution toward excellence, and his appointment marks a significant step in the federal government’s commitment to strengthening Nigeria’s medical education sector.
In a related development, President Tinubu has also appointed Professor Fatiu Abiola Arogundade as the Vice Chancellor of the Federal University of Medicine and Medical Sciences, Abeokuta.
Other appointments include Mrs. Adedokun Omolola Olufunso as Bursar and Dr. Idiat Odunola Agboola as University Librarian.
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