IBADAN: Economic and financial experts have dismissed fears that Nigeria might cede control of its tax data to France following the signing of a Memorandum of Understanding (MoU) between the Federal Inland Revenue Service (FIRS) and French tax authorities.
Speaking with newsmen in Ibadan on Wednesday, the experts explained that the agreement is aimed at technical cooperation, knowledge transfer, and staff capacity building, not handing over sensitive tax information.
Financial consultant Mr. Tunji Adepeju said public concern largely stems from distrust in government rather than the substance of the agreement.
He explained that the MoU is consistent with globally recognized operational frameworks and focuses on technical assistance, noting that French tax institutions have decades of experience in revenue administration.
“With FIRS increasingly taking over functions of other revenue-collecting agencies, it cannot remain at the same level. Learning from more experienced jurisdictions is necessary,” Adepeju said.
He further noted that such agreements pass through inter-ministerial committees and extensive consultations with legal experts and key stakeholders before approval, stressing that Nigeria’s sovereignty remains intact.
He also confirmed that local Fintech stakeholders, including the Nigeria Inter-Bank Settlement System (NIBSS) and major payment companies, will participate in implementing the MoU, which takes effect January 1, 2026.
Mr. Olugbenga Obatola, Fellow of the Chartered Institute of Taxation of Nigeria (CITN), said that while he could not make a full assessment without access to the entire MoU, he cautioned that relying on another country for tax data is sensitive, as it reveals a nation’s financial strengths and weaknesses.
“On the negative side, it is like opening your financial soul to another country. But on the positive side, seeking help from a stronger partner to improve capacity is not wrong,” he said, emphasizing that cooperation should focus on technical assistance, IT infrastructure, and cross-border information exchange.
Dr. Alarudeen Aminu, Associate Professor of Economics at the University of Ibadan and Chairman of the Nigerian Economic Society (NES), described such agreements as standard global practice.
He noted that France has over €10 billion in investments in Nigeria, making clear tax rules and cooperation mutually beneficial.
Aminu cautioned, however, that Nigeria must remain vigilant in managing information shared under the MoU and ensure strong internal controls.
Active participation of Nigerian institutions and Fintech firms, he said, will guarantee that the country retains full ownership and control of its tax systems and data.
