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Publish Your Assets Before Leaving Office, SERAP Tells Buhari, Osinbajo, Others
Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari, Vice President Yemi Osinbajo and other high-ranking officials in government to publish their assets as they look to vacate their respective offices.
The group also asked the Senate President, Dr Ahmad Lawan; Speaker of House of Representatives, Mr Femi Gbajabiamila and high-ranking officials of the next administration to also promptly publish their assets to date.
According to SERAP, the Code of Conduct for Public Officers, contained in Part I of the Fifth Schedule to the 1999 Nigerian Constitution 1999 [as amended], enjoins all public officers to declare their assets immediately after taking office; at the end of every four years; and at the end of their term of office.
In the open letter dated Sunday, April 15, 2023, and signed by SERAP deputy director, Kolawole Oluwadare, the organisation said, “Publishing your asset declaration form and encouraging other public officials and officials of the next administration to do so would enable Nigerians to scrutinise the assets and worth of public officials before taking office and at the end of their term of office.”
SERAP said, “Those who voluntarily seek or occupy public offices and are catered for by the public have certain fiduciary duties to be open, transparent, and accountable to Nigerians regarding the details of their asset declaration forms.”
It added, “Because asset declaration forms are public documents, public officials cannot claim that publishing their assets would violate their privacy rights. There is an overriding public interest in the disclosure of information on the assets of public officers who clearly are trustees of Nigeria’s wealth and resources.”
SERAP also urged President Buhari to emulate a good example of former President Umaru Musa Yar’Adua who consistently published his asset declaration forms as president and governor of Katsina State.
It recalled that Yar’Adua also planned legislative reform to make it mandatory for all public officers to declare their assets publicly with the belief that publishing his assets would put pressure on other public officers to do so.
The statement read in part; “Publishing your asset declaration form and encouraging other public officials and the officials of the next administration to do so would also send a powerful message of your commitment to uphold the country’s constitutional guarantees and international obligations.
“It would also show that you are ready to do what is needed to leave a legacy of transparency and accountability.
“Apart from encouraging other officials and the officials of the next administration to publish their asset declaration forms, publishing your asset declaration form widely would also address allegations that many officials tend to make false declarations in order to cover up assets illegally acquired in corruption or abuse of office.
“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution 1999 [as amended]; the Freedom of Information Act; the UN Convention against Corruption; African Union Convention on Preventing and Combating Corruption; the International Covenant on Civil and Political Rights; and the African Charter on Human and Peoples’ Rights to Nigeria is a state party.
“According to the Code of Conduct for Public Officers, contained in Part I of the Fifth Schedule to the 1999 Nigerian Constitution 1999 [as amended], all public officers are to declare their assets.
“Paragraph 11(1)(a)(b) of the Fifth Schedule provides that every public officer shall immediately after taking office and thereafter (a) at the end of every four years; and (b) at the end of his/her term of office, submit to the CCB a written declaration of all his/her properties, assets, and liabilities and those of his/her unmarried children under the age of eighteen years.
“Section 15(1) of the CCB and Tribunal Act also requires all public officers to declare their assets.
“Article 7(1) of the African Union Convention on Preventing and Combating Corruption and Articles 7(4) and 8(5) of the UN Convention against Corruption also contain similar provisions and requirements for public officials to declare their assets before, during, and after serving in public office.
“The Nigerian Constitution and the anti corruption and human rights treaties show the significant role that asset declaration by public officials plays in promoting transparency, accountability and preventing and combating corruption in the public service.
“Section 109 of the Evidence Act defines a public document to include documents forming the acts or records of the acts of public officers. Asset declaration forms kept with the Code of Conduct Bureau, therefore, qualify as public documents under section 109.
“Section 39 of the Nigerian Constitution makes provision for the fundamental right to information. Article 9 of the African Charter on Human and Peoples’ Rights and Article 19 of the International Covenant on Civil and Political Rights also guarantee access to information.
“We hope that the aspects highlighted will help guide your actions in taking steps to publish your asset declaration form and to encourage others to do so”.
President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.
This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.
Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.
Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.
He stated that the 17 million number marks a significant increase in overseas travel and tours.
According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.
Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.
“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.
“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.
While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.
The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”
He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.
Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.
He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”
Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.
Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.
“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”