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Nigeria’s low Tax-to-GDP ratio stems from hidden wealth culture – VP Shettima

Published on April 05, 2025 at 06:00 AM

Vice President Kashim Shettima has attributed Nigeria’s low tax-to-GDP ratio to decades of widespread efforts by citizens to conceal wealth from the government.
Speaking at the 2nd Joint Workshop on the 2025 National Budget in Abuja, organized by the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN), Shettimaâ€”represented by his Special Adviser on Economic Affairs, Dr. Tope Fasuaâ€”highlighted the need for a shift in national mindset.

He stressed that despite Nigeria’s immense potential, many citizens continue to invest abroad and engage in financial malpractice, undermining local development. He urged stakeholders to educate the public on the importance of investing at home and supporting national growth.

Shettima also emphasized that the N54.99 trillion 2025 budget aims to reduce financial leakages, prioritize infrastructure and human capital development, and manage the country’s growing debt, which includes a projected N13 trillion deficit to be financed through various channels.

Budget and Economic Planning Minister, Senator Abubakar Atiku Bagudu, reinforced the need to correct economic distortions through necessary reforms like subsidy removal and exchange rate unification.

He noted that despite criticisms, Nigeria’s public spending remains proportionally low compared to GDP, stressing the importance of macroeconomic mobilization for inclusive growth.