Nigeria is brimming with wealth — but most of it stays hidden from the government, Vice President Kashim Shettima revealed in a frank address that’s sparking conversations across the country.
Speaking at the 2nd Joint National Budget Workshop in Abuja, hosted by the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN), Shettima said Nigeria’s shockingly low tax-to-GDP ratio isn’t due to poverty — but rather to a long-standing culture of dodging taxes and stashing wealth out of sight.
“Nigeria has great prosperity,” Shettima said. “But over the decades, we’ve become a nation where many perfected the art of hiding their wealth from the government. That’s why we have one of the lowest tax-to-GDP ratios in the world.”
Represented by Dr. Rope Fasau, Special Assistant to the President on Economic Matters, Shettima stressed that the time has come for wealthy Nigerians to reinvest in their own country rather than ship their fortunes abroad.
“Enough of hiding wealth, enough of sending hard-earned money overseas to buy assets when we have massive development needs here,” he said. “The return on investment in Nigeria is high — and there’s the unmatched pride of building your own country.”
He challenged financial professionals, especially from ANAN and CITN, to educate citizens on the importance of paying taxes and investing locally, emphasizing that sustainable development won’t happen without public participation.
Shettima highlighted that the 2025 national budget — valued at ₦54.99 trillion — is designed to tackle leakages, reduce waste, and focus on critical areas like infrastructure, human capital, and debt reduction. The budget sets a revenue target of ₦41.6 trillion, with capital expenditure getting a huge slice at ₦23.44 trillion. Meanwhile, debt servicing will gulp ₦13.4 trillion.
Amid these figures, Shettima underscored a critical infrastructure deficit, estimated at $3 trillion over the next decade, calling on private-sector partnerships to help close the gap.
CITN President Samuel Agbeluyi applauded the joint effort with ANAN and praised the growing collaboration among professionals in shaping Nigeria’s economic future. He described the 2025 budget as a potential game-changer, calling on participants to dive deep into its structure and offer insights to ensure its success.
ANAN’s President, Dr. James Neminebor, echoed the call for a strategic plan that genuinely reflects the aspirations of Nigerians. He stressed the importance of transparency, accountability, and efficiency in executing the budget.
The workshop stands as a rallying point for Nigeria’s financial leaders — a clear sign that rebuilding the nation’s economy will take more than policy; it will require a shift in mindset, culture, and national pride.
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