The President of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi has emphasised that Nigeria needs fewer, better-managed taxes to boost the country’s revenue.
At CITN’s 31st Annual General Meeting on Wednesday in Lagos, Agbeluyi said: “The current state of our tax system is a state of moving forward. We have left the state of denial, that is even good to know. The government no longer denies the reality of taxation and the citizens are also aware of those necessary things.
“Over the past decade, the government overly focused on oil revenue. As an institute, we conducted extensive advocacy, informing the government that Nigeria cannot sustain itself as a mono-product economy.
“Of course, it was difficult for them to listen or accept our proposal, but I am happy that the reality is here, and the current government is taking the right step in the right direction to make sure that we improve the tax revenue in this country”, Agbeluyi mentioned.
He clarified that the goal is not only to boost tax revenue but also to improve the lives of Nigerian citizens.
“I have seen goodwill and seriousness on the part of the President. President Tinubu mentioned his hatred for multiple taxation immediately after he assumed office and he has put machinery in place to eliminate it and by so doing he set up the Presidential Tax Committee.
“The major focus of the committee is to make sure that there is sanity in the tax ecosystem by reducing about 65 different taxes to about nine taxes. President Tinubu and the committee members are in one accord in this regard.
“By moving from 65 to nine taxes it is an indication that the government is bringing sanity into the tax system, and that is what we need. I do not doubt that President Tinubu and the Federal Inland Revenue Service would do the needful”, Agbeluyi stated.
According to the CITN President, public expenditure must be supported by adequate revenue. “Once this is achieved, we can bridge the infrastructural gap in the country, leading to a greater Nigeria”, he said.
Agbeluyi urged subnationals to follow the federal government’s example.
He emphasised that what is needed is not a multiplicity of taxes but fewer, well-administered taxes that generate more revenue.
He expressed confidence that the federal government will take the necessary steps, and thanked over 28,000 members of the institute for bringing innovations to move the institute forward.
