Finance & Business

Heavy Taxe: What Has AI Got To Do With Tax?

It is therefore incumbent on all of us to pay attention to the language of our tax masters, so that we do not get confused when it hits us.

Published

9 months ago

September 11, 2024

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By Sunny Ikhioya

A KEY focus of the Tinubu administration is to generate wealth by raising the tax to GDP ratio to not less than 18 percent, which means people will pay more taxes. It is therefore incumbent on all of us to pay attention to the language of our tax masters, so that we do not get confused when it hits us. That is why I have been following up on the series of tax conferences, organised by Blakey Ijezie, under the auspices of his chartered accounting firm, Okwudili Ijezie and Co.

The latest series was held on Thursday, August 15, 2024 at the Banquet hall of the Banex Mall, Lekki Lagos. It dwelt extensively on the informal sectors that account for over 80 percent of labour employment but, more importantly, how AI – artificial intelligence – could benefit our tax administration. Blakey characterised it as “taxation game-changing era, where data meets destiny”. The informal sector is seen as a potential goldmine for the government, if it could be brought into the tax net successfully.

For Dr Tunji Adeniyi, certain things have to be put in place for this to happen. Government is to facilitate access to registration, power, finance, production infrastructure, market infrastructure and information. To formalise the informal sectors, Adeniyi recommended the following steps: identify, locate, localise, provide service, incentivise and empower.

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For the government sub- sectors, they are advised to register and formalise business operations to make it easier to obtain access to finance, market and government support. In all of these, the government will benefit through enhanced tax revenue, enhanced economic growth, better economic planning, business enhancement, business resilience, safer environment and better welfare.

Blakey titled his keynote address, “The Future of Taxation – The Game Changer: Transforming the Informal Sector through Taxation”. According to him: “Today, we stand at the forefront of a revolution that will transform the fabric of taxation forever. A revolution that will harness the power of technology, innovation, and expertise to create a more inclusive and equitable tax system.” He sees AI-powered solutions as the key to streamline registration and licensing processes, provide real-time tax monitoring and automated audits, offer personalised tax advice and support, enable data-driven decision-making for tax authorities, facilitate collaboration between tax authorities, taxpayers, and technology providers”.

How can AI assist in formalisation? Simplified tax compliance and registration processes, automated bookkeeping and accounting systems, access to digital payment systems and e-invoicing, data analytics for business insights and decision-making, virtual assistance for tax and regulatory compliance. He gave his own strategies to bring in the informal sectors: “To entice informal sector executives to transition, we must offer incentives: Tax holidays or reduced tax rates, streamlined registration and licensing processes, access to training and capacity-building programmes, subsidies for technology adoption and digitalisation, recognition and certification programs for formalised businesses. AI will play a crucial role in boosting tax revenue: increase tax revenue by up to 20% through improved compliance and reduced evasion; can reduce administrative costs by up to 30%; can help identify and address tax gaps, leading to increased revenue and improved fairness.”

Examples from other jurisdictions demonstrate the potential: Kenya’s tax authority uses AI-powered systems to detect and prevent tax evasion, resulting in a 25% increase in revenue. India’s GST system uses AI-powered analytics to identify and address tax gaps, resulting in a 15% increase in revenue. Let me quote Blakey here: “By embracing this game-changing moment, we can increase revenue and fund public goods and services, promote economic growth and job creation, enhance financial inclusion and reduce poverty, improve governance and transparency. Let us seize this moment. Let us harness the power of technology and innovation to transform the informal sector. Let us create a tax system that is fair, efficient, and inclusive. ‘The future of tax is a game of innovation – and AI is the ultimate catalyst.’ Together, we can make a difference. Together, we can create a brighter future for all.”

He also touched on latest developments in tax technology, which include automation of tax processes and compliance, advanced data analytics for tax planning and risk assessment, artificial intelligence, AI, and machine learning, ML, applications, cloud-based tax software and digital platforms, blockchain technology for secure tax transactions. The opportunities of AI in taxation are as follows: enhanced accuracy and efficiency in tax calculations and compliance, improved tax planning and optimisation, increased transparency and fairness in tax assessments, automation of routine tax tasks, freeing up time for strategic advisory work, better identification and mitigation of tax risks.

There are also challenges of AI in taxation: Potential job displacement for some tax professionals, need for significant investment in technology and training, ensuring data privacy and security, addressing ethical concerns around AI decision-making, managing the impact of AI on the tax profession and society.

Other challenges to consider are: Infrastructure – Nigeria’s tax infrastructure may need upgrades to support AI adoption. Data privacy -ensuring the security and privacy of taxpayer data is crucial. Skills gap – tax professionals may need training to effectively utilize AI tools. Digital divide -AI may exacerbate existing disparities in access to technology and digital literacy.

“Overall, AI has the potential to transform taxation in Nigeria, but careful planning, implementation, and addressing of challenges are essential to maximize benefits,” he added.

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Christian Wealth Principles

6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth

You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

Published

2 days ago

June 16, 2025

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Introduction

Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.

Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].

___________________

1. God Owns Everything—We Are Just Stewards

Psalm 24:1 – “The earth is the Lord’s, and everything in it.”

God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.

Action Steps:

Shift from ownership to stewardship
Ask God how to manage what He’s entrusted to you
Use wealth to glorify God, not just yourself

Quote:

“When we see money as God’s, we handle it differently—with purpose, peace, and power.”

2. Diligence and Hard Work Bring Prosperity

Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”

Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.

Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”

Faith + Action = Prosperity

Action Steps:

Show up early. Learn. Network. Execute.
Serve God in your work, not just in church.
Work is worship when done with purpose.

3. Avoid Debt and Live Within Your Means

Proverbs 22:7 – “The borrower is slave to the lender.”

Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.

Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.

Action Steps:

Budget with a plan, not emotion
Buy only what you can afford
Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.

4. Tithing and Generosity Invite God’s Blessing

Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”

Generosity invites God into your finances.

Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.

Action Steps:

Tithe as an act of faith
Give beyond money—give time, wisdom, love
Be a blessing to others

5. Invest and Multiply What God Gives You

Matthew 25:14–30 – Parable of the Talents

God expects you to grow what He gives you. Don’t bury your potential.

Real-World Examples:

Warren Buffet invests long-term with wisdom and restraint
Ray Dalio succeeds through planning, research, and principles

Action Steps:

Start small—just start
Learn to invest: stocks, skills, businesses
Multiply resources for Kingdom impact

6. Practice Contentment—Avoid the Love of Money

1 Timothy 6:10 – “The love of money is the root of all evil.”

Wealth is a tool, not a goal.

Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.

Action Steps:

Be content with what you have
Avoid comparison and consumerism
Focus on eternal rewards over earthly riches

🎯 How to Apply These Biblical Money Foundations Today

✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily

Watch Full Teaching on YouTube

👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:

Conclusion

God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.

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Finance & Business

As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

Published

8 months ago

October 16, 2024

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BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

Post Views: 319

Finance & Business

Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Published

9 months ago

September 27, 2024

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Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

Post Views: 461