Economy
FIRS to take over 2,000 properties in Abuja
Over 2,000 properties in Abuja are now in jeopardy, as the Federal Inland Revenue Service (FIRS) is taking steps to take them over the alleged failure of owners to pay taxes. Speaking at a media training on the Voluntary Assets and Income Declaration Scheme (VAIDS) in Abuja, Chairman of the FIRS, Mr. Tunde Fowler, said property owners in Abuja who refused to pay taxes from income earned from such properties must either comply or lose them.
He said, “If an organisation is making money off you and I; they are selling their properties to us, they are making profits or if individuals: are providing services and making money off you and I: don’t you think they should pay tax?
“We, as a revenue board still have a job to do. The opportunity to come under VAIDS is there. Since VAIDS was launched, we have seen over 2000 properties in Abuja that have ownership of corporate organizations that have not filed any tax, have not paid any tax.
“And that is why we gave them notice that we will shortly be going to court, we will be seizing those properties and selling those properties to make up for the outstanding tax and if there is any change, we will refund the change to them.”
The chairman said that about N17 billion had been raised under the scheme and another N16 billion would be realised before the end of this month. He said, “We are still at the starting point. So far, less than five companies have paid the rate of N17 billion with another six billion that is expected to be paid by the end of December. So in terms of numbers, we still have not really got the type of crucial numbers that we are expecting. When we gave the tax amnesty last year, we had 2,700 corporate accounts that filed for it. Now we are talking of fewer than 10 companies that have come under VAIDS. There is still a lot more to be done, a lot of companies are asking questions, talking to consultants, and so we are expecting a whole lot more to come in as the programme progresses.
“In terms of the estimates that we expect from VAIDS, Minister of Finance, Mrs. Kemi Adeosun said $1 billion, which is equivalent to about N325 billion will come from both naira and foreign investments. Out of the N17 billion already paid $50 million was paid in foreign exchange. So we are looking at both.”
On how the courts would be able to cope with cases that would arise at the end of the scheme, the FIRS boss said he was confident that the judges would do their duties objectively.
“As per court cases, we will not influence the course of justice but we have given them information on VAIDS, we have given them information on tax because we have produced some tax books. We believe that our judges will apply the law, not because they are Nigerians but because they are judges and sworn an oath to uphold the laws.
“So we are not trying to put them on our side because we want to increase revenues and every tax payer has opportunity to go to court and we believe that as long as we do our jobs the right way, we will most likely win our cases.
“So in term of sensitising the judges, we have given them information, and we believe that they will apply the information correctly and in the best interest of the nation.”
Mr. Fowler added that his organisation was apolitical and would therefore not bend the rules for politicians, irrespective of party affiliations.
He said that those who take advantage of the scheme and declare their assets and income on or before December 31, 2017 would enjoy the waiver of both penalty and interests. However, he warned that any individual or corporate organisation who failed declared between January 2018 and the March 2018 deadline would enjoy waiver only on penalties and would be made to pay interests, in addition to tax arrears.
Also speaking, Mr. Albert Folorunsho, Consultant to VAIDS and Managing Consultant, Pedabo Professional Services, stated that in addition to the waivers, individuals who key into the scheme would be free from prosecution and would be allowed to repay their tax liabilities over a period of up to three years, while payments can be made in instalments.
He added that individuals participating in the scheme would had the opportunity of transferring previously owned through nominees to themselves, thereby, allowing assets to be legally and formally held by the true owners. On the other hand, he warned that tax evaders who failed to embrace the scheme would face the full force of the law, would also be profiled for audits and investigations, while adding that the government would embrace a ‘name and shame initiative.’
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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