Tax Conference: Sanwo-Olu, Zulum, Amosun, Other Experts Seek Transparent Tax System to Boost Internally Generated Revenues

Date:

May 15, 2024.

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Azonuchechi Chukwu.

Lagos State Governor, Mr. Babajide Sanwo-Olu, and his counterparts from Sokoto and Borno States have emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.

The governors made the call at the ongoing 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Speaking at the conference, Governor Sanwo-Olu who was represented by his Special Adviser on Taxation and Revenue, Mr. Abdul-Kabir Opeyemi Ogungbo, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.

Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.

“We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive. The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”

The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”

However, former Governor of Ogun State, Senator Ibikunle Amosun, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.

Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.

He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.

While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.

In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.

He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.

The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.

The Auditor-General for the Federation (AuGF), Mr. Shaakaa Chira, said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.

The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

President and Chairman of the CITN council, Mr. Samuel Agbeluyi, emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.

Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.

The CITN boss stated further, “This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.

He said, “The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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