Vice President Kashim Shettima has pointed to widespread wealth concealment as a significant factor behind Nigeria’s persistently low tax-to-GDP ratio, one of the lowest globally, okaynews.com reports.
Speaking through his economic adviser at a tax forum held in the capital on Friday, Shettima called on citizens to redirect investments back into the domestic economy rather than transferring assets abroad.
“Many have perfected the art of hiding their wealth,” Dr. Tope Fasua stated, delivering the Vice President’s address to attendees. “This financial opacity has severely limited the government’s ability to generate sufficient tax revenue.”
The administration’s N54.99 trillion budget for 2025 aims to address these challenges through infrastructure development and improved debt management while contending with a projected N13 trillion deficit.
Samuel Agbeluyi, President of the Chartered Institute of Taxation of Nigeria (CITN), emphasized during the forum that institutional partnerships remain essential for developing effective fiscal policies to overcome these longstanding economic barriers.
