E-Financial
WAIFEM Asks FG to Tax Rich’s Property to Boost Revenue
Baba Yusuf Musa, director general of the West African Institute for Financial and Economic Management (WAIFEM), has called on the government to dive into property tax to boost its revenue.
Speaking on the sidelines of the just concluded 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF), the WAIFEM DG said, there is the need for government to work on raising the ratio of property tax to GDP from the less than one per cent to Gross Domestic Product (GDP) to at least five per cent.
Noting that the peers of the country are recording a property tax to GDP ratio of around 10 per cent, he added that there is a need for the government to tax the rich.
According to Baba, Nigeria still has a long way to go in terms of mobilising the actual tax revenue that it should have.
While stating that there are a lot of opportunities for us to tax, he said, one of the places the government needs to focus on is property tax. “When you take the property tax ratio to GDP of Nigeria is virtually less than one per cent, despite all the wealth that we have. The number of buildings, the number of cars that we have in the country.
“When you take the ratio of properties to GDP is less than one per cent compared with average of about five to 10 per cent in lower middle income countries like ours. That is one source that we can look at, and there are several opportunities to mobilise those tax revenues on properties.
“Just take the capital cities of any of our states and see the number of buildings, how many landlords are actually paying tax to the government.
If you take that ratio, you realise that there are very few and there are just some minimal issues that the government should do to mobilise those ones.
“We need to have a register that identifies who the owners of properties are, and have a reporting format that can easily be tracked. If you give out your house on rent, it is a source of income and you should declare it and pay a certain percentage but that has not been happening. That is why people are complaining.
“The problem is that the civil servants, all employees in the formal sector are the ones taxed by the government but those that are in the informal sector, and those who have properties, who are millionaires are actually evading the tax that they were supposed to pay. That is one source.
“Another source is digitalisation and over the years, we should have addressed the issues that relate to digitalisation. We have actually tried to digitalise the collection process, but there are rooms for improvement. In the collection process, checks and balances should also be improved.
“For instance, if one is to pay a certain amount of money online to the revenue authorities, in many cases you will find that when you want to pay the tax the website is not working, but if you walk physically there to the Internal Revenue Department, somehow it will work.
“So, in my view, there has to be some form of monitoring mechanism that at least someone should be checking to see that all these are things working so that investors and those who are willing to pay tax online should have easy access,” he pointed out.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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