Nigeria: CITN President Advocates Streamlined Tax System for Increased Revenue

CITN President Advocates Streamlined Tax System for Increased Revenue
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The President of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi, has underscored the importance of implementing fewer, well-managed taxes to enhance Nigeria’s revenue.

Agbeluyi made these remarks during CITN’s 32nd Annual General Meeting held on Wednesday, June 5, 2024, in Lagos.

Addressing the audience, Agbeluyi noted the progress made in recognizing the necessity of a diversified revenue base for Nigeria. He highlighted the shift away from over-reliance on oil revenue and stressed the importance of improving the country’s tax system.

He said, “The current state of our tax system is a step forward. We have moved past denial, which is a positive development. The government acknowledges the importance of taxation, and citizens are also aware of its significance.”

Focus on Tax Reform

Agbeluyi emphasized the need for tax reform to enhance revenue generation and improve the lives of Nigerian citizens. He commended the government’s efforts in this direction, particularly President Tinubu’s commitment to reducing multiple taxes.

He added, “President Tinubu has shown determination to streamline the tax system. The establishment of the Presidential Tax Committee, tasked with reducing 65 different taxes to about 9, demonstrates the government’s commitment to bringing order to the tax ecosystem.”

Agbeluyi stressed that adequate revenue is crucial to supporting public expenditure and bridging the infrastructural gap in Nigeria. He urged subnational governments to align with the federal government’s efforts in tax reform.

He emphasized, “We don’t need a multitude of taxes but fewer, well-administered taxes that can generate more revenue. This will lead to a more prosperous Nigeria.”

Expressing confidence in the government’s commitment, Agbeluyi thanked the institute’s members for their contributions and innovations. He expressed optimism that the federal government, under President Tinubu’s leadership, would take the necessary steps to implement tax reforms for the benefit of all Nigerians.

Agbeluyi concluded by reiterating the importance of a streamlined tax system in driving economic growth and prosperity in Nigeria.

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