Business
Fraud: FG investigates over 200 whistleblowing tips on tax officials, taxpayers …Suspends 2 senior tax officials, vows to root out fraudsters in tax offices .. To fast-track action on tips on revenue generating agencies
The Federal Government has begun investigation into over 200 whistleblowing tips on tax officials and taxpayers which involves under declaration of taxes as well as demand by taxpayers and receipt of gratifications by tax officials.
The Government through the Federal Ministry of Finance has also commenced the process of sanitising the tax administration and revenue collection system of dishonest operatives.
The Honourable Minister of Finance, Mrs. Kemi Adeosun, disclosed this on Sunday in Abuja while presiding over the meeting of the Whistleblower Unit in the Federal Ministry of Finance and the Presidential Initiative on Continuous Audit (PICA).
Adeosun said that the sanitization of the tax administration and revenue collection system was part of the government’s efforts at enhancing the willingness of citizens to pay their taxes.
She confirmed that the Federal Ministry of Finance had requested and secured the suspension of two senior Tax Officials in Delta and Benue States based on verified tips from Whistle-blowers.
The Minister said, “The Ministry is currently analysing over 200 additional whistleblowing tips including recordings between tax officials and potential taxpayers in which various practices, designed to reduce tax payable, were detailed.
“These practices include demands for personal gratification by tax officers, promises to procure backdated tax clearance certificates, and offers to conspire to reduce taxes payable.”
In order to deal with the influx of the whistleblowing tips, the Minister has directed the reorganization of the Whistleblower Unit to fast track reports relating to those in the revenue generating agencies.
“Encouraging our citizens to pay taxes is a matter of law but it is also a matter of trust. Those who work in our tax offices must therefore demonstrate the highest level of integrity.
“The Administration of President Muhammadu Buhari understands that to reduce our reliance on oil means every citizen must pay their taxes as and when due.
“However, people will not be encouraged to pay if they believe that those involved in the assessment are not transparent or are dishonest. We will continue to sanitise the system and also improve our controls,” the Minister stated.
She assured that the Ministry would continue to root out fraudsters from compromising the integrity of the tax administration and revenue collection system.
She lauded members of the public for volunteering valuable information including voice recordings and other evidence to the Whistleblower Unit in the Ministry.
The Minister further enjoined members of the public to desist from the procurement of tax certificates that were not consistent their true income.
She warned against relying on such documents and therefore advised those who might have procured such tax certificates in the past to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax profile.
She added, “We have cases of procurement of tax clearance certificates with no corresponding records or assessments in the tax offices. In such cases, although payments have been made but there are no underlying assessment. So automatically, we will flag such companies for investigation.
“The data analysis being undertaken within the Federal Ministry of Finance is readily exposing those who have obtained tax clearance certificates that are either forged or are not consistent with their true income levels
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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