VP Shettima: Nigeria’s Tax Challenges Rooted in Hidden Wealth Epidemic

Nigeria’s struggle with one of the world’s lowest tax-to-GDP ratios stems directly from a pervasive culture of wealth concealment, Vice President Kashim Shettima declared Friday.

Addressing a taxation forum in the capital through his economic adviser, Shettima highlighted how decades of capital flight have strangled domestic investment and revenue generation.

“The reluctance to invest locally and the practice of funneling assets abroad have created a perfect storm for our tax system,” said Dr. Tope Fasua, conveying the Vice President’s concerns to assembled stakeholders.

The administration’s ambitious N54.99 trillion budget for 2025 attempts to confront these challenges while managing a N13 trillion deficit through targeted infrastructure development and human capital investment.

Samuel Agbeluyi, President of the Chartered Institute of Taxation of Nigeria, reinforced the Vice President’s message, calling for strengthened institutional partnerships to develop fiscal policies capable of reversing these entrenched economic patterns.​​​​​​​​​​​​​​​​