CITN Maintains Enhanced Tax System Crucial to Implementing Budget

Omolabake Fasogbon

As the federal government explores options to fund the national budget of N28.77 trillion, the Chartered Institute of Taxation of Nigeria (CITN) has admonished that efforts be devoted to strengthening tax system, considered as the only sustainable way to run the government and economy. 

President of CITN, Samuel Agbeluyi during the institute’s 50th induction ceremony in Lagos, recently, expressed scepticism on the projection for non-oil proceeds expected to exceed N13 trillion by the end of 2024.

He worried that states in particular may likely not meet up with  target within  existing tax framework considering  that  they still grapple with the challenge of increasing their Internally Generated Revenue (IGR). 

He maintained that overhauling the tax system remained a must to be able to execute the 2024 renewed hope budget to a reasonable height. 

“Gladly, there seems to be some level of optimism with efforts of the Presidential Committee on Fiscal Policy and Tax Reforms which reflects a resolute commitment to charting a course for sustainable economic growth through effective and efficient taxation. 

“Considering the recommendations put forth for the committee’s consideration by stakeholders, particularly the CITN, I am hopeful that when the main report is released, tax professionals in Nigeria will play a very pivotal role in the implementation,” he said. 

On her part, Chairman, Kwara State Internal Revenue Service and Special Guest, Mrs Shade Omoniyi asserted that the roles of tax professionals have become more critical in an evolving global landscape in which Nigeria is actively playing along. 

Moreso, Chairman, CSDC Consulting Enterprise Solutions, Akinyele Oladeji in his keynote address admonished inductees to embrace continous learning, networking and credibility in their career journey. 

He said, “As professionals, it is important to be versed in intelligent, emotional, social and adversity quotient to carry on successfully. This means that you must be able to identify and solve problems, understand and respect people’s emotions, build and maintain a network of friends and show resilience in all situations.”