SEC Plans National Savings Scheme With Tax Incentives For Ordinary Nigerians

The Securities and Exchange Commission (SEC) plans to introduce a National Savings Scheme that will give every Nigerian the chance to save, with the savings invested for the future and backed by tax incentives.

The Director-General of the SEC, Dr Emomotimi Agama, disclosed this at the weekend during a strategic partnership meeting with the Presidency in Abuja, ahead of the Capital Market Conversation scheduled for October 19, 2026, at the Presidential Villa.

Agama described the scheme as a tool for inclusion. “The National Savings Scheme, principally, is an inclusion tool wherein every Nigerian is given an opportunity to save, and such savings will now be invested for the future,” he said.

He said the tax incentives were in line with the Federal Government’s wider fiscal reforms. According to him, tax reliefs for citizens below specified income thresholds would leave low-income earners with more disposable income and could raise their capacity to save and invest.

The Technical Adviser to the President on Economic and Financial Inclusion (Office of the Vice President), Dr Nurudeen Abubakar Zauro, said financial inclusion must go beyond opening accounts.

“When you are talking about inclusion, you are not only talking about opening an account; you are also talking about access to basic financial and economic services,” he said.

He added: “Because of the recent reforms, the last mile now understands that with the little money that he has, he can be able to invest in the capital market.”

Zauro said the October conversation would focus on investment inclusion, savings mobilisation, digital financial services and products capable of attracting more Nigerians into the market. He said the effort was aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the $1 trillion economy target.

At the event, Vice President Kashim Shettima is expected to endorse the Nigerian Capital Market Master Plan 2.0, a 10-year framework for developing the market. Agama said the plan would set measurable indicators, including the market’s contribution to Gross Domestic Product (GDP) and the number of investors participating. He said Shettima’s endorsement was significant given his role as Chairman of the National Economic Council.

Agama said the gathering would also benchmark the Investment and Securities Act against the projected development of the market, particularly efforts to raise the market-to-GDP ratio and widen the investor base.

Zauro said the administration was open to advice from stakeholders. “We believe we don’t know it all, but at least we leverage on people’s advice to see how we can make things better,” he said.

The event is expected to attract local and international investors, capital market operators, listed companies, market infrastructure institutions and policymakers.