ABUJA, Nigeria (VOICE OF NAIJA)-The Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Branch, Akinwunmi Lawal, has reassured Nigerians that the new tax law is not designed to burden the poor but to enhance government revenue generation.
Lawal made this clarification on Saturday during the 2025 Annual General Meeting and election of new executive committee members of the branch, where he was elected as the 18th chairman of the flagship CIBN branch.
In his inaugural address titled ‘Repositioning the Lagos State Branch for Sustainable Growth, Inclusiveness, and Professional Excellence’, Lawal outlined his vision for the next two years.
Lawal, the immediate past Managing Director/Chief Executive Officer of NPF Microfinance Bank, succeeded Adeyemo Adeoye, MD/CEO of Chem & Eleos Capital.
He, alongside other newly elected executives, will steer the branch’s affairs over the next two years.
He stated, “Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January.
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The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.”
Lawal also commended President Bola Tinubu’s economic reforms, describing them as bold and transformational, with visible impacts across various sectors.
He added, “Nigeria’s economy is recovering fast, and the reforms started over two years ago are delivering results. The second quarter 2025 Gross Domestic Product grew 4.23 per cent, Nigeria’s fastest pace in four years, and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12 per cent in August 2025, the lowest level in three years.”
According to Lawal, his administration will prioritise membership expansion, revenue and financial stability, town and gown collaborations, and health and wellness initiatives, among other key focus areas.
Presenting his final financial report, the immediate past chairman, Adeoye, disclosed that during his tenure, the branch’s income grew from N27.19m to N54.82m in 2024, representing a 101.65 per cent increase, while cash balances rose by over 30 per cent.
Adeoye stated, “The figures recorded in the year under review are the best in the branch’s performance in the last 12 years, and we are encouraged to believe that this trend will be sustained.”
Other newly elected officials include Dr. Abosede Yinka-Ogundimu (First Vice Chairman), Oyelayo Adekanye (Second Vice Chairman), Nze Nnaji (Secretary), and Damilola Owoeye (Treasurer), among others.