Vice President Kashim Shettima has said that Nigeria has one of the lowest tax-to-GDP ratios in the world because over the decades it developed into a nation where many people perfected the art of hiding their wealth from the government.
The Vice President spoke at the 2nd Joint National Budget Workshop organised by the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN).

He said there is great prosperity in Nigeria but the prosperity is not deployed to further the greatness of the nation, which underscores the need for all hands to be on deck to give the nation the kind of development it desires.

“Nigeria is a great country with immense prospects for all. But over the decades we developed into a nation where many people perfected the art of hiding their wealth from the government. This is the reason why we have one of the lowest tax-to-GDP ratios in the world.
“There is however great prosperity in this nation. And that prosperity must be deployed to further the greatness of our nation. Nobody will develop this nation except us, Nigerians,” Shettima said.

He challenged all stakeholders in the financial sector, particularly ANAN and CITN, to educate the Nigerian public and open their eyes to the need to invest in their own country.
“The challenge is that all stakeholders must educate our public and open their eyes to the need to invest in their own country. Enough of sending hard-earned money from Nigeria to purchase all sorts of assets abroad when we have development to do in our country, and the rates of return that you can obtain here are much higher than most other places, plus the psychological advantage of having invested in your own.
“Enough of dodging around and involving in financial malpractices when our tax rates are being reduced and no one is going after your turnover, but a bit of your profits, after you may have backed out all your expenses. The government has been made into a bogeyman, when the opposite is the case,” he said.
The Vice President emphasised the importance of the 2025 national budget in driving Nigeria’s growth and development.
He also highlighted the need for a strategic blueprint to address the country’s socio-economic challenges.

The 2025 budget, valued at N54.99 trillion, aims to reduce leakages and wastages, ensure value for money and prioritize investments in critical infrastructure and human capital development. The budget also focuses on reducing the country’s debt burden, with a deficit of N13 trillion to be financed through a combination of public-private partnerships, local and foreign borrowing.

Shettima, who was represented by the Special Assistant to the President on Economic Matters, Dr. Rope Fasau, praised the reforms implemented by President Bola Tinubu, which have led to increased revenue generation and improved budget performance. He also encouraged stakeholders to support the government’s efforts to reduce the debt burden and promote sustainable development.

The workshop brought together experts and stakeholders to discuss the budget and provide recommendations for improvement.
Key highlights of the 2025 budget include a total allocation of N54.99 trillion, revenue projection of N41.6 trillion, debt servicing of N13.4 trillion, capital expenditure of N23.44 trillion (42% of the entire budget)
and recurrent expenditure: N13.59 trillion.
Shettima also emphasised the need for Nigerians to invest in their own country, rather than sending hard-earned money abroad.
He encouraged stakeholders to support the government’s efforts to reduce the debt burden and promote sustainable development.
The Vice President also highlighted the challenges facing Nigeria, including an infrastructure deficit of approximately $3 trillion over the next 10 years.
He emphasized the need for private-sector collaborations with the government to address this deficit.

Earlier in his opening address, President of the Chartered Institute of Taxation, Samuel Agbeluyi, emphasised the significance of collaboration between professional institutions in shaping Nigeria’s fiscal policies.
Agbeluyi praised the partnership between CITN and ANAN, highlighting its positive impact on the accounting and taxation professions in Nigeria.

He said the workshop focused on analysing the 2025 budget, with experts examining revenue projections, expenditure allocations and debt servicing.
According to him, the budget presents a paradigmatic shift in fiscal policy, with a record-breaking allocation of ₦54.99 trillion.
He urged participants to engage actively in discussions and share their expertise to optimize the 2025 budget and drive Nigeria’s sustainable development.

In his own address, President and Chairman of Council, ANAN, Dr. James Neminebor emphasised the need for a strategic blueprint that reflects the aspirations of the Nigerian people and aligns with sustainable national development goals.
He stressed the importance of effective budget implementation and exploring mechanisms for transparency, accountability and efficiency in public resource utilisation.


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