Experts from the West African Tax Administration Forum and Tax Justice Network Africa say African countries lose about $89 billion annually to illicit financial flows.
Revenue for the period, however, declined by 11 per cent to N394.6 billion from N442.1 billion in the first quarter of 2025.
He described Mr Oyedele as one of the best professionals in the country.
Mr Okon said that the workshop aimed to review the agency’s performance in 2025 and outline new approaches for implementing the new national tax law.
AXA Mansard Insurance has urged employers across Nigeria to adopt structured change management strategies as the country transitions to a new tax regime.
He reiterated the federal government’s commitment to fostering a stable, transparent, and competitive business environment.
The company’s profit after tax also fell to N4.02 billion from N5.5 billion in the previous year, despite growth in the company’s core insurance operations.
According to the service, the law permits direct recovery where a taxpayer fails to remit an established tax liability when due.
The emergence of NRS marks the beginning of a new chapter in Nigeria’s revenue administration.
KPMG highlighted 31 loopholes bordering on the identified shortcomings in the new tax law and suggested modifications.
