AIICO NL delivered a resilient financial performance in the first quarter of 2026, posting double-digit growth in profitability as stronger investment income and improved underwriting efficiency helped cushion the impact of rising operating costs and foreign exchange losses.

The insurance giant reported a profit before tax of N5.85 billion for the period ended March 31, 2026, representing a 13.2 per cent increase from N5.17 billion recorded in the corresponding period of 2025.

Profit after tax also climbed by 11.8 per cent year-on-year to N5.22 billion, reinforcing the company’s ability to sustain earnings growth amid Nigeria’s challenging economic environment.

According to an investment review by Coronation Asset Management⁠�, AIICO’s earnings performance was largely supported by significant growth in investment income, which offset pressure from exchange rate volatility and escalating operating expenses.

The company’s insurance revenue rose by 11.8 per cent year-on-year to N36.67 billion, although analysts noted that the pace of topline expansion slowed compared to previous quarters. Revenue also dipped slightly by 3.0 per cent from the N37.81 billion posted in Q4 2025.

Despite the moderate revenue growth, AIICO recorded a major improvement in underwriting quality and claims management. Its loss ratio declined sharply to 57.2 per cent from 74.3 per cent in Q1 2025, indicating more efficient risk management and stronger operational discipline.

Insurance service result improved marginally by 2.9 per cent to N4.18 billion, while insurance service expenses increased by 23.5 per cent to N24.64 billion during the period.

Reinsurance expenses, however, fell by 10.7 per cent year-on-year to N7.85 billion, reflecting improved cost management and more efficient reinsurance arrangements.

A major highlight of the quarter was the remarkable growth in investment income. Net investment income surged by 109.7 per cent year-on-year to N26.89 billion from N12.82 billion recorded in Q1 2025.

Interest income alone rose by 42.4 per cent to N18.47 billion, driven by an expanded investment portfolio and stronger yields from fixed-income assets and other financial instruments.

The insurer’s investment yield improved significantly to 4.95 per cent from 2.86 per cent recorded a year earlier, underscoring improved asset allocation and stronger portfolio performance.

AIICO also benefited from a substantial net fair value gain of N9.77 billion on financial assets, compared to a marginal loss recorded in the same period last year.

Analysts noted that while the fair value gains significantly boosted headline earnings, they were largely market-related and may not fully represent the strength of the company’s core operations.

They estimated that excluding the fair value gains, profit before tax would have stood at approximately N3.9 billion, still reflecting improvement compared to the previous quarter.

However, the company continued to face pressure from Nigeria’s volatile foreign exchange environment. Net foreign exchange losses rose sharply to N1.56 billion from only N25.2 million recorded in the corresponding period of 2025.

Operating expenses also increased significantly during the quarter, with other expenses rising by 65.8 per cent year-on-year to N5.87 billion, highlighting mounting cost pressures across the business.

On the balance sheet, AIICO’s total assets expanded by 11.8 per cent to N652.77 billion, supported largely by a 21.1 per cent increase in financial investments, which rose to N542.8 billion.

Insurance contract liabilities increased by 10.7 per cent to N382.17 billion, reflecting growth in underwriting activities and obligations to policyholders.

Cash holdings declined sharply by 51.9 per cent to N35.78 billion as the company redirected more funds into investment assets to enhance returns and earnings capacity.

Shareholders’ equity increased moderately by 5.6 per cent to N104.27 billion.

Following the results, analysts at Coronation Asset Management⁠� maintained a “Buy” recommendation on the company’s shares, with a target price of N5.47 compared to the market price of N4.50 as of May 7, 2026, implying a potential upside of 21.5 per cent.

Market analysts believe AIICO’s improved underwriting metrics and stronger investment income position the insurer for sustained earnings growth. However, they cautioned that persistent FX volatility, rising operational costs, and dependence on market-driven investment gains could pose risks to future profitability.

The company’s Q1 performance nevertheless reinforces investor confidence in its strategic positioning within Nigeria’s highly competitive insurance industry, especially as insurers continue to adapt to evolving regulatory demands, inflationary pressures, and changing investment dynamics.

AIICO Insurance posted strong Q1 2026 earnings with profit before tax rising 13.2% to N5.85bn as investment income surged, offsetting FX losses and higher operating expenses.

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The Nigeria Revenue Service (NRS) has officially launched Rev360, a next-generation tax administration platform that signals a major leap in Nigeria’s fiscal modernization drive and a formal transition into Tax Administration 3.0.
The launch marks one of the most significant overhauls of Nigeria’s tax ecosystem in recent years, shifting the system from fragmented and semi-digital operations to a fully integrated, intelligent, and taxpayer-focused digital infrastructure.
Officials say the platform is designed not just to automate processes, but to fundamentally reshape how taxes are administered, monitored, and experienced across the country.
A New Phase in Nigeria’s Tax Reform Journey
At the centre of the reform is the Executive Chairman of the NRS, Zacch Adedeji, PhD, who described Rev360 as a defining milestone in Nigeria’s journey toward modern, data-driven tax governance.
He said the platform represents a clear shift in philosophy—from compliance enforcement alone to a system that prioritises ease, trust, and economic enablement.
“Rev360 is more than a platform; it reflects our commitment to building a tax system that works seamlessly for every Nigerian, strengthens trust in public institutions, and supports national development,” Adedeji stated.
According to him, the long-term goal is to reposition tax administration as an enabler of growth rather than a burden on citizens and businesses.
From Digitisation to Intelligent Tax Administration
Rev360 builds on earlier digital reforms within the tax system, which included electronic filing, automation of records, and improved payment infrastructure. However, the new platform consolidates these fragmented systems into a single unified architecture.
The NRS describes Rev360 as an “intelligent tax ecosystem” capable of delivering real-time visibility into tax transactions, improving compliance monitoring, and enhancing service delivery across all taxpayer categories.
Key expected benefits include:
Simplified tax filing and compliance processes
Faster processing and response times
Real-time transaction tracking and reporting
Improved transparency and accountability
Enhanced taxpayer experience and support
Extensive Nationwide Readiness Programme
Ahead of the official go-live, the NRS carried out an extensive nationwide sensitisation and capacity-building exercise to ensure smooth adoption of the system.
These preparatory activities included:
End-User Training sessions across tax offices nationwide
Stakeholder webinars involving consultants, professional bodies, and business associations
Physical engagement and sensitisation workshops across key regions
Live demonstrations and guided walkthroughs of the Rev360 platform
Distribution of user manuals, onboarding guides, and instructional video materials
The agency also deployed a structured support system to ensure continuous user engagement, including a multi-channel feedback mechanism, frequently asked questions (FAQs) derived from stakeholder concerns, and defined response timelines for resolving technical and operational issues.
Phased Rollout Strategy
The implementation of Rev360 will follow a phased approach, beginning with Medium and Emerging Taxpayers. The rollout will later extend to Large Taxpayers and government institutions.
According to the NRS, this gradual deployment is designed to ensure system stability, reduce operational disruptions, and allow for continuous refinement based on user feedback.
Strengthening Trust and Efficiency in Public Finance
Analysts view Rev360 as part of a broader transformation agenda aimed at strengthening Nigeria’s fiscal capacity while improving trust in public institutions.
By leveraging automation, data integration, and digital intelligence, the platform is expected to enhance revenue collection efficiency and reduce administrative bottlenecks that have historically slowed tax processes.
The launch also reflects Nigeria’s increasing alignment with global best practices in digital public finance management, where transparency, speed, and data accuracy are central pillars.
A Defining Step Toward Tax Administration 3.0
With Rev360 now live, the Nigeria Revenue Service says it is entering a new era of tax administration—one defined by integration, intelligence, and inclusivity.
The agency maintains that the platform will continue to evolve through user feedback, system upgrades, and expanded digital capabilities, ensuring that Nigeria’s tax system remains adaptive to economic and technological change.
Nigeria Revenue Service launches Rev360, a transformative digital tax platform marking Nigeria’s transition to Tax Administration 3.0, aimed at improving efficiency, transparency, and taxpayer experience.
Nigeria Revenue Service unveils Rev360 platform, ushering in Tax Administration 3.0 with a fully integrated digital tax system designed to enhance transparency, compliance, and efficiency in Nigeria

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In a detailed public information update circulated through its official communication channels, including social media platforms, the agency clarified that the system applies broadly to all taxable entities under federal tax regulation. These include incorporated companies, registered business names, and non-resident entities that carry out taxable economic activities within Nigeria.

The announcement, framed as part of a “Rev360 FAQs: Your Questions Answered” series, emphasized that participation in the platform is not optional. The NRS stated clearly that all qualifying taxpayers are expected to onboard the system as part of national tax compliance requirements.

According to the agency, Rev360 has been designed to transform Nigeria’s tax administration landscape by integrating key tax processes into a unified digital framework. The platform is expected to enhance efficiency in tax filing, improve data accuracy, reduce compliance bottlenecks, and strengthen transparency in revenue collection.

Officials noted that the initiative aligns with broader reforms aimed at modernising public finance management and expanding the national tax base. By leveraging digital infrastructure, the NRS said it intends to reduce manual intervention, minimise errors, and improve real-time monitoring of tax activities across sectors.

The agency further indicated that the system will support improved taxpayer experience by simplifying registration, filing, and payment processes while ensuring stronger compliance tracking mechanisms.

Although the rollout represents a major technological upgrade, the NRS stressed that enforcement measures will accompany full implementation to ensure adherence across all eligible categories. Taxpayers have therefore been advised to complete onboarding and familiarise themselves with the platform to avoid compliance issues.

The introduction of Rev360 marks one of the most significant reforms in Nigeria’s tax administration in recent years, reflecting a broader push toward digitisation, improved revenue efficiency, and enhanced fiscal sustainability.

As implementation continues, stakeholders are expected to monitor how effectively the platform improves compliance levels and streamlines federal tax operations across the country.

The Nigeria Revenue Service (NRS) has declared its Rev360 digital tax platform mandatory for all eligible taxpayers, including companies and non-resident entities, as part of sweeping tax administration reforms aimed at improving compliance and efficiency.

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L-R:  Hajiya Rakiya Ahmad Dodo, Executive Chairman, Zamfara State Internal Revenue Service (ZIRS), Mr. Emmanuel Ekene Nnamani, Executive Chairman, Enugu State Internal Revenue Service (ESIRS), Dr Ayodele Subair, Executive Chairman, Lagos State Internal Revenue Service, LIRS and Aisha Adamu, Executive Chairman, Gombe State Internal Revenue Service (GIRS) during the 159th meeting of the Joint Revenue Board, hosted by the LIRS, held at Eko Hotels and Suites, Victoria Island, Lagos on Tuesday, April 21, 2026

The Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Dr Ayodele Subair, has said the remarkable growth of tax administration and internally generated revenue in Lagos State can be traced to the bold reforms initiated by President Bola Tinubu during his tenure as governor of the state.

Subair stated this at the Gala night organised to close the 159th meeting of the Joint Revenue Board (JRB) held in Lagos, where tax administrators and revenue stakeholders from across the country gathered for four days to deliberate on ways to strengthen tax systems, improve compliance, and deepen revenue generation nationwide.

According to him, the decision by Tinubu to grant operational autonomy to the Lagos State Internal Revenue Service years ago laid the foundation for the success story that has since become a model for several states in Nigeria.

He said, “This story of taxation in Lagos was started seriously by our present President, Asiwaju Bola Ahmed Tinubu, who deemed it fit to give autonomy to the Lagos State Internal Revenue Service.

“From then on, things changed. Things are still evolving and changing because he handed over the baton to very serious governors thereafter. His model is copied in most of the states in Nigeria. I think the President deserves applause. We are seeing the benefits of that vision that this great Nigerian had, and we all pledge to continue.”

Subair noted that Lagos had sustained the momentum through successive administrations, with visible investments in transportation, urban renewal, and other public infrastructure funded largely through taxes paid by residents.

The LIRS chief also commended Governor Babajide Sanwo-Olu for delivering robust infrastructure development. He noted that in addition to significant investments in education, health, housing, and urban renewal projects, the multimodal transportation system, which includes rail, road, and water transport, is a key part of the current administration’s legacy.

He said, “Governor Sanwo-Olu is doing a great job. This administration is building the multimodal transport system, as witnessed by the JTB members. Apart from the rail, you also have road transport through the BRT, and then we have the ferry service.

“We launched all sorts of projects, and we are soon going to have electric ferries and boats that will move people all over. Also, the Red Line is supposed to be fully in place within one year.

“All this would never have been possible without the good people of Lagos paying their taxes. When you pay your taxes, there is a high level of correlation between the payment of taxes and development.

“In other countries, people pay a lot of taxes, some up to 50 to 60 per cent of their earnings, and it is a way of life for them. In Nigeria, they are trying, but the benefits of paying taxes can only come when everybody plays their own part.”

The LIRS chairman added that voluntary compliance in Lagos had continued to rise because taxpayers could clearly see how their contributions were being utilised.

He said, “In Lagos especially, tax compliance is moving at a much higher pace than that of the rest of the country. That is because people can see where their money is going. You can see the good projects that are coming. You can see the good works of the government of Lagos.”

The 159th meeting of the Joint Revenue Board, formerly known as the Joint Tax Board, ran from April 20 to April 23 in Lagos.

The board comprises the Executive Chairman of the Nigeria Revenue Service, chairmen of the 36 state internal revenue services, and the Federal Capital Territory and representatives of strategic government agencies, including the Federal Ministry of Finance, National Identity Management Commission, Revenue Mobilisation, Allocation and Fiscal Commission, Nigeria Customs Service, Nigeria Immigration Service, and the Federal Road Safety Corps.

The meeting featured various activities, including a session of the Finance and General Purpose Committee, followed by meetings of the Education Committee on the second day. Delegates also took part in an excursion to inspect major infrastructure projects carried out by the Lagos State Government. They rode the Lagos Blue Line Rail from Marina to Mile 2 and visited the iconic Eko Atlantic City.

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In a statement issued on Monday, the Executive Chairman of LIRS, Dr. Ayodele Subair, explained that the statutory deadline for filing of individual annual tax returns is March 31 every year. He noted that the extension is intended to provide individuals with additional time to complete and submit accurate tax returns.

Dr. Subair stated that individuals must give priority to the timely filing of their annual income tax returns, noting that compliance should be embedded as a routine personal practice.

He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Individuals are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.

Describing the platform as secure, user-friendly, and accessible 24/7, Dr. Subair advised individuals to ensure that their TaxID (Tax Identification Number) is correctly captured in their submissions.

For further enquiries or assistance, individual taxpayers may visit any LIRS office or contact the Service through the

following channels:

* Website: www.lirs.gov.ng

* Facebook & LinkedIn: Lagos State Internal Revenue Service

* Instagram & YouTube: @lirsgovng

* X (formerly Twitter): @lirs_govng

* Email: etaxinfo@lirs.net

* Customer Care Hotline: 0700-CALL-LIRS (0700-2255-5477)

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The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme. In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.

In a statement issued on Wednesday, the Executive Chairman of LIRS, Dr. Ayodele Subair, stated that timely filing remains both a constitutional and statutory obligation as well as civic responsibility.

In his remarks, he stated that “Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately. Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability.”

He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.

To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.

In keeping with global best practices, Dr. Subair reiterated that LIRS continues to prioritize digital tax administration, and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide.  Taxpayers requiring assistance may visit any of the LIRS offices or use any of the following support channels:

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Stakeholders argue that while enforcement of tax obligations is intensifying, the corresponding dissemination of practical, easy-to-understand guidance has lagged behind. Many individuals and small business operators, they note, remain unsure about filing procedures, eligibility thresholds, documentation requirements, and statutory deadlines—creating confusion that may expose taxpayers to avoidable penalties and administrative disputes.

Reacting to the development, Celestine Ukpong, described the current situation as a structural communication gap between policymakers and citizens. He explained that effective taxation depends not only on enforcement but also on clarity, accessibility, and trust.

Ukpong warned that when taxpayers lack adequate information, compliance becomes inconsistent and public confidence in fiscal governance declines. According to him, governments that prioritise transparent tax education typically achieve stronger voluntary compliance and more sustainable revenue growth.

Similarly, Peter Adebayo stressed that unresolved grey areas within tax regulations continue to produce multiple interpretations among taxpayers and even some compliance officers. He noted that inconsistent understanding of filing obligations increases the likelihood of errors, disputes, and enforcement challenges.

Adebayo called for simplified tax guidelines, harmonised communication across revenue agencies, and wider deployment of user-friendly digital filing platforms supported by sustained public enlightenment campaigns. Such measures, he said, would reduce compliance friction while strengthening accountability and transparency in the fiscal system.

Policy observers maintain that as governments rely more heavily on internally generated revenue to fund infrastructure and social services, closing the information gap around tax obligations has become an urgent national priority rather than a routine administrative task.

They emphasise that improving taxpayer education, clarifying grey areas in regulation, and ensuring equal access to accurate information will be critical to building a fair, efficient, and trusted tax environment capable of supporting long-term economic stability.

Economists and tax professionals urge government transparency and clearer public guidance as mandatory tax filing expands, warning that information gaps could weaken compliance and trust in the fiscal system.

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Zach Adedeji, Executive Chairman of the NRS, spoke on the matter, addressing claims circulating online about multiple versions of the law. “We don’t have any basis to speak about different gazetted copies. There can only be one law, and that is what the National Assembly has handed to us,” he said, highlighting the agency’s commitment to legal clarity and proper compliance.

The statement comes amid ongoing debates on social media and public forums about the authenticity of circulating documents. Analysts and tax professionals have welcomed the clarification, noting that having a single certified law is critical for uniform enforcement across Nigeria’s financial and business sectors.

Adedeji further emphasized the importance of transparent communication with taxpayers and stakeholders, explaining that the certified copy is the only official reference for the NRS. “There is no alternative, no other version. Any discussion of multiple gazettes is misleading and baseless,” he added.

Experts highlight that this confirmation is especially timely as businesses and individuals adapt to recent amendments in Nigeria’s tax regulations, including provisions for digital reporting, withholding taxes, and enhanced compliance enforcement. By reinforcing the authenticity of the law, the NRS seeks to bolster confidence in Nigeria’s tax administration and regulatory framework.

The statement, originally reported on ARISE NEWS’ official X handle @ARISEtv, underscores the role of official government communication channels in clarifying policy matters.

As Nigeria continues to modernize its tax system, Zach Adedeji’s message reinforces a fundamental principle: legal certainty is central to effective compliance and economic stability.

Zach Adedeji, NRS Executive Chairman, confirms only one certified copy of Nigeria’s new tax law exists, dismissing multiple gazette rumours and reinforcing legal clarity for taxpayers and businesses.

Zach Adedeji, NRS Executive Chairman, confirms the National Assembly issued a single certified copy of Nigeria’s new tax law, clarifying confusion over multiple versions and ensuring uniform compliance for taxpayers and businesses.

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From Policy Promises to Real Enforcement
For decades, Nigeria’s tax reforms have followed a familiar pattern: ambitious policy announcements, limited enforcement and uneven compliance. Salary earners, largely captured under the Pay-As-You-Earn (PAYE) system, shouldered most of the tax burden, while freelancers, informal businesses and digital income earners often slipped through regulatory cracks.

That reality is changing.

Over the past few years, tax authorities have invested heavily in digital infrastructure, bank transaction tracking, taxpayer identification systems and data-sharing arrangements with financial institutions and government agencies. These reforms are now converging into a more coordinated enforcement framework expected to take full effect from 2026.

Who Will Be Affected?

The new enforcement regime is expected to touch a wide range of income earners. Salary workers, business owners, freelancers, consultants, online traders and individuals who receive consistent inflows into their bank accounts are all likely to face closer scrutiny.

Tax experts note that undeclared income, irregular earnings and poorly documented transactions will increasingly attract attention as authorities rely more on automated monitoring rather than self-reporting alone.
Not Higher Taxes — But Better Detection
Importantly, the reforms do not necessarily introduce higher tax rates. Instead, they focus on closing loopholes, improving detection and ensuring that income already liable to tax is properly accounted for.
Analysts warn that the biggest financial risk for taxpayers is ignorance. Many Nigerians overpay taxes, incur penalties or face compliance challenges simply because they do not understand existing tax rules, allowable deductions or basic record-keeping requirements.

Why Early Preparation Matters

With enforcement tightening, experts advise individuals and businesses to begin preparing ahead of time by understanding their tax obligations, organizing financial records and seeking professional guidance where necessary.

According to analysts, proactive compliance is far cheaper and less disruptive than responding to audits, penalties or backdated assessments after enforcement has begun.
A Turning Point for Nigeria’s Tax System
The 2026 tax enforcement drive is widely seen as a turning point in Nigeria’s fiscal reform agenda. It reflects a broader push to expand non-oil revenue, strengthen public finances and improve accountability across the economy.

For taxpayers, the message is straightforward: this is not about avoiding tax, but about paying the correct amount under the law and avoiding unnecessary losses caused by poor preparation.
As Nigeria enters this new phase, readiness — not resistance — may determine who feels the real impact of the reforms.

Nigeria’s tax enforcement will tighten in 2026 as authorities deploy data-driven systems to widen compliance. Here’s how the new rules will affect salary earners, businesses and freelancers — and why preparation matters.

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In a statement released on Wednesday, the Budget Office said it had noted concerns raised by the Minority Caucus of the House of Representatives, emphasizing that the sanctity of enacted laws is central to constitutional democracy and cannot be treated as a mere procedural formality.
The Office stressed that any suggestion that legislation could be modified after debate, passage, authentication and presidential assent—outside established constitutional procedures—would undermine the foundations of the Republic and erode citizens’ right to be governed by clear, predictable and transparent laws.
While defending the integrity of the tax reforms, the Budget Office cautioned that democratic governance is also threatened by the careless circulation of unverified claims. It warned that public confidence in institutions is fragile and difficult to restore once damaged by speculation or documents of uncertain origin.

According to the Office, both government and citizens share a collective interest in truth, clarity and due process, particularly in matters of public finance where trust in the legality and certainty of fiscal laws is critical. It therefore welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry—rather than conjecture—as the appropriate democratic response to claims of illegality.
On public access to legislation, the Budget Office acknowledged that Nigerians and the business community are entitled to clear and authoritative versions of the laws they are required to obey. However, it clarified that the authenticity of any Act is determined by certified legislative records and official publication processes, not by informal, leaked or viral reproductions.

The statement also underscored the importance of the separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not supported by verifiable facts, could seriously undermine confidence in democratic institutions. At the same time, it noted that legislative scrutiny should not be dismissed by the executive arm of government, stressing that oversight is a constitutional responsibility, not an act of political hostility.

From a fiscal and macroeconomic perspective, the Budget Office said legal certainty is essential for credible revenue projections, macroeconomic stability, budget implementation and investor confidence. Although it is not the custodian of legislative records, the Office maintained that uncertainty surrounding operative tax provisions directly affects economic planning and policy execution.

To restore and strengthen public confidence, the Budget Office proposed several measures, including the publication of verified reference texts of tax laws in a single public repository, structured access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for the suspension of the tax reforms, the Office cautioned against allowing prudence to degenerate into policy paralysis. It argued that effective tax reform is critical to reducing Nigeria’s dependence on borrowing and inflationary financing, while also easing indirect fiscal pressures on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Budget Office concluded by describing taxation as a democratic covenant between the state and its citizens, noting that compliance depends on transparency, trust and institutional credibility. It called on political actors to protect institutions as much as positions and urged citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity and reforms aimed at advancing national prosperity while safeguarding citizens’ rights.

The Budget Office of the Federation defends Nigeria’s Tax Reform Acts, dismisses alteration claims, urges due process, and warns against speculation as lawmakers investigate the allegations.

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