Economy
Saudi Arabia Pledges To Support CBN With Forex Deposit
Saudi Arabia Pledges To Support CBN With Forex Deposit
By Admin
The government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain the government’s foreign exchange reforms.
The pledges were made by the Crown Prince of Saudi, Mohammed bin Salman, at a bilateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh.
According to a statement signed by the Minister of Information and national orientation, Alhaji Mohammed Idris Malagi on Friday, Salman promised to support the CBN’s ongoing reforms of Nigeria’s foreign exchange regime.
The Saudi government said it would make available a substantial deposit of foreign exchange to boost Nigeria’s Forex liquidity.
The release said the Prince commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi government to supporting these reforms, and enabling Nigeria to reap the full benefits.
Idris said: “Prince bin Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi Government to supporting these reforms, and enabling Nigeria to reap the full benefits.”
“According to him, Saudi Arabia is very eager to see Nigeria thrive under President Bola Tinubu, and realize its full potential as the economic giant of Africa.”
Idris said Salman hinted that the “refinery investments in Nigeria will be led by the Saudi state-owned oil company, Saudi Aramco, with the revamp to be completed within a two- to three-year timeframe”.
“The Crown Prince also expressed appreciation to Nigeria for its active participation in, and support for OPEC+,” he said.
He said Salman revealed that Saudi Arabia’s investment interests in Nigeria are agriculture and renewable energy, which will lead to the attainment of food and energy security.
Idris said Tinubu showed appreciation for the proposed investments, promising Nigeria would ensure judicious management and oversight.
“The two leaders vowed to work together over the next six months to develop a comprehensive road-map and blueprint to deliver on the agreed investments and outcomes,” Idris said.
“Also, President Tinubu and Crown Prince bin Salman spoke on the need to strengthen security cooperation to mitigate terrorism, illegal migration and other crises, not just in Nigeria, but across West Africa and the Sahel region.
“The two leaders further discussed existing economic and socio-cultural cooperation between Nigeria and Saudi Arabia, and agreed to open new vistas in bilateral relations.”
Others present at the bilateral meeting are; Idris; Yusuf Tuggar, minister of foreign affairs; Yahaya Lawal, Nigerian ambassador to Saudi Arabia; and Adekunle Adeleke, the state chief of protocol.
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Gov. Abba Kabir Yusuf of Kano State has called on Northern states to strengthen collaboration in implementing tax reforms and digital transformation to boost revenue generation and ensure sustainable development.
Yusuf made the call on Wednesday at the second day of 2025 Northern Revenue Conference held in Kano.
The conference, with the theme “Readiness, Reforms, and Digital Transformation,” brought together policymakers, fiscal experts, and revenue administrators from across the northern states to discuss emerging trends in tax administration.
Represented by the Commissioner for Planning and Budget, Alhaji Musa Shanono, the Governor said effective revenue management remained central to good governance and economic growth.
He said his administration had prioritised fiscal reforms and digital innovation to improve transparency, efficiency, and accountability in public finance.
Yusuf commended the Kano State Internal Revenue Service (KIRS) for its progress under the leadership of Dr. Zaid Abubakar, describing it as a model for other states to emulate.
He said the enactment of the 2025 Nigerian Tax Laws had ushered in a new era in the country’s fiscal policy, encouraging states to embrace innovation and technology in tax administration.
Yusuf added, “The new framework compels us to think more strategically, collaborate more effectively and act more decisively.
“We must expand our fiscal frontiers beyond traditional boundaries and harness the potential of the informal sector, SMEs, and the growing digital economy.”
He emphasised integrity and accountability as the foundation of effective governance, saying:
“Integrity is fundamental in whatever we do. When it is missing, energy and intelligence are wasted,” he said.
Also speaking, the Chairman, Kano State Internal Revenue Service (KIRS), Dr Zaid Abubakar, has called on state revenue agencies to embrace digital innovations and institutional reforms to enhance efficiency and transparency in tax administration.
He said the era of manual processes and guesswork in tax administration had passed, stressing the need for precision, digital competence and strong leadership in driving fiscal reforms.
“The 2025 reform agenda requires us to be strategic, data-driven and technology-oriented.
“The era of guesswork in tax administration is over. We must move towards systems that ensure accountability, accuracy and convenience for taxpayers,” he said.
The KIRS Chairman urged participants to use the conference as a platform to share ideas, strengthen collaboration and build networks that would promote a more efficient and taxpayer-friendly revenue system across the northern states.
He reaffirmed the commitment of the Kano State Government to continue investing in digital transformation and capacity building to support sustainable revenue growth and fiscal stability
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Yusuf stated this on Tuesday while declaring open the 2025 Northern Revenue Conference held in Kano.
The conference, with the theme “Readiness, Reforms, and Digital Transformation”, was attended by revenue administrators, policymakers, and fiscal experts from across the Northern states.
Represented by the Commissioner for Planning and Budget, Alhaji Musa Shanono, he said the event was significant to his administration, adding that effective revenue management remained the engine room of governance.
Yusuf said the state government’s programmes and projects across the state would not have been possible without the commitment and efficiency of revenue-generating institutions.
The Governor expressed appreciation for the progress recorded by KIRS under the leadership of Dr Zaid Abubakar, describing it as a model of innovation and transparency in public finance administration.
He stated that the enactment of the 2025 Nigerian Tax Laws marked a new chapter in the nation’s fiscal history, creating opportunities to build a fair, transparent, and digitally driven tax system.
Yusuf said, “This new framework compels us to think more strategically, collaborate more effectively and act more decisively.
“We must expand our fiscal frontiers beyond traditional boundaries and harness the vast potential that lies within our informal economy, SMEs, and the growing digital ecosystem.”
The governor explained that since assuming office in May 2023, his administration had embarked on a vision to build a self-reliant, digitally enabled, and revenue-resilient Kano State.
He said the transformation of the revenue system was made possible through partnerships, reforms, and institutional strengthening of the Kano State Internal Revenue Service.
“According to the latest National Bureau of Statistics (NBS) report, Kano State recorded a 100 per cent increase in Internally Generated Revenue within one year, ranking it among the top-performing states in the country,”
Yusuf said.
The governor also emphasised the importance of integrity and accountability in public service.
He added: “Integrity is fundamental in whatever we do. When it is missing, energy and intelligence are wasted.
$That is what Kano State has enjoyed integrity in governance and public service.”
Earlier, the Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, said the agency remained committed to implementing far-reaching tax reforms and digital transformation aimed at strengthening Nigeria’s fiscal system.
Represented by the Secretary, Joint Tax Board (JTB), Mr Adesokan Olusegun, Adedeji said the conference provided a vital platform for engaging stakeholders.
According to him, it will do provide an ample opportunity to conduct technical reviews of the newly enacted tax laws to ensure smooth transition and implementation across all tiers of government.
“This forum represents a milestone in our collective journey towards building a transparent, technology-driven, and fair tax administration system,” he said.
Also speaking , the Chairman, Kano State Internal Revenue Service (KIRS), Dr Zaid Abubakar, urged state revenue agencies to adopt digital transformation and institutional reforms in line with Nigeria’s evolving tax system.
He said the 2025 reforms required precision, digital competence and bold leadership to enhance efficiency and service delivery, adding that the era of guesswork in tax administration is over.
The KIRS boss urged the participants to use the forum to exchange ideas and strengthen collaboration for a more efficient and taxpayer-friendly system.
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KIRS
The Executive Chairman of the Kano Internal Revenue Service (KIRS), Dr Zaid Abubakar, says the agency is targeting higher revenue generation through improved customer relations and service delivery.
Abubakar stated this in Kano on Friday during activities marking the 2025 Customer Service Week, which focused on promoting stronger engagement between the service and taxpayers.
Represented by Executive Director Support Services Group, Mr Hamisu Garko, said the agency’s reforms were designed to make taxpayers the centre of its operations, adding that effective communication and quality service remained critical to enhancing voluntary compliance.
“Our taxpayers are at the heart of what we do. We have continued to reform our processes to make revenue collection more transparent, efficient, and customer-friendly,” he said.
According to him, KIRS has introduced new strategies to strengthen the relationship between staff and taxpayers, including capacity-building programmes and regular stakeholder meetings.
“We are training our staff to better understand how to relate with customers because they are the backbone of our operations. Without taxpayers, there will be no service,” he added.
Abubakar said the agency had set ambitious targets for the year, focusing on doubling its revenue generation compared to the previous year through innovation, digitalisation, and enhanced public trust.
“Our goal is to improve our revenue performance by deepening engagement and encouraging voluntary compliance among taxpayers,” he said.
The chairman commended taxpayers for their cooperation and urged them to continue supporting government’s efforts to improve service delivery across the state.
“We will continue to build a system that prioritises transparency, accountability, and customer satisfaction,” he said.
Earlier, the Director General of Kano State Signage and
Advertisement Agency, Kabir Dakata commended the state government for its prudent management of resources and the ongoing infrastructural transformation across the state.
He said the remarkable progress recorded in the state’s infrastructural development was made possible by the efficient revenue generation system and the transparent use of funds by the administration of Gov. Abba Kabir Yusuf.
“We are witnessing a great transformation in infrastructure, and this would not have been possible without your collective effort,”he explained.
A taxpayer, Mr. Samson Joshua, has urged the Kano State Internal Revenue Service (KIRS) to simplify its payment processes by fully digitising the system to enable residents to make payments conveniently from their homes or offices.
He said that adopting a fully digital platform would not only ease the stress taxpayers experience at physical offices but also improve transparency and accountability in the revenue system.
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