Financial Literacy and Accountability Initiative Drives MSME Tax

Lagos Permanent Secretaries led MSMEs engagement on tax culture and financial accountability in Epe
Experts provided practical guidance on record-keeping, human resources and new tax reforms
Participants expressed renewed

Stakeholders in Lagos State’s micro, small and medium enterprise space converged in Epe as senior government officials and eloquent scholars led a capacity-building engagement aimed at strengthening financial discipline, tax compliance and sustainable business expansion among MSMEs.

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Eko Hot Blog reports that the forum, titled Building a Vibrant Tax Culture and Financial Accountability for Sustainable Growth, was held on Saturday, 7 February 2025, at the Lagos Theatre, Epe.

It was organised by the Financial Literacy and Accountability Initiative in collaboration with ATM Investment Limited, aligning discussions with President Bola Ahmed Tinubu’s ongoing tax reform agenda.

Permanent Secretaries Mr. Semiu Kadri of the Office of the Chief of Staff and Mrs. Alaka Titilope of the Office of Internal Audit, Lagos State, who served as principal sponsors, described the initiative as a critical intervention for business survival and national progress.

“This engagement goes beyond tax awareness; it is about building trust, accountability and shared responsibility between government and entrepreneurs,” they said.

They explained that clearer understanding of tax policies would help businesses adapt to reforms and operate with confidence.

“When compliance is voluntary and informed, it strengthens public trust and improves service delivery,” the sponsors added.
Chairman of the Day, Prof. Nosiru Onibon, highlighted shifting employment patterns in Nigeria, expressing concern over declining interest in craftsmanship and entrepreneurship.

“Our economy suffers when skilled people abandon their trades for paid employment. MSMEs remain the backbone of national development and must be nurtured,” he stated.

Convener of the programme, Balogun Sobur, said the initiative was designed to address misinformation surrounding tax reforms while promoting sound financial habits.

“We want MSMEs to grow through proper record-keeping, focus and disciplined financial management,” he said, adding that sustained support from government and community leaders would drive long-term impact.

One of the facilitators, Mr. Adebisi Adeyanju of LASUED, stressed the importance of separating personal and business finances.

“Accountability starts with knowing what you earn, what you spend and what you save. Without records, growth becomes guesswork,” he noted.

Dr. Kabiru Genty also underscored the role of human resource competence in profit maximisation, while tax expert Mr. Tiamiyu Adesina explained that recent reforms include higher exemption thresholds to ease pressure on small businesses.

“One goal of the reform is to protect small enterprises while encouraging compliance,” he said.

Participants commended the interactive sessions, describing the programme as practical and empowering.

Organisers said the engagement marked a step toward entrenching a culture of accountability and responsible taxation across Lagos