Nigerian Experts Call for Revenue Agency Funding Reform and Stronger Security Policies

Financial economist Prof. Uche Uwaleke, president of the Capital Market Academics of Nigeria, urged the National Assembly to conduct a comprehensive review of the funding framework for the Nigerian Revenue Service, Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission. He highlighted that Nigeria’s cost of tax collection, ranging from 4 % to 7 %, far exceeds the global average of about 1 % and proposed cutting retention ratios roughly in half – to 2 % for the Revenue Service and Upstream Petroleum regulator and to 3.5 % for Customs – while examining operational costs, personnel and technology.

Nobel laureate Prof. James Robinson, visiting professor at the University of Nigeria, Nsukka, called on the Federal Government to adopt proactive measures to boost the nation’s security architecture, improve critical infrastructure such as electricity, and intensify anti‑corruption efforts. He praised Nigeria’s 27 years of uninterrupted democracy but warned that stronger security and better public services are essential for sustainable economic growth and social development.