Lagos Aligns with Tax Body on Promoting Transparency

Omolabake Fasogbon

The Lagos State Government has reiterated its commitment to effective and transparent  tax administration,  just as it has  intensified efforts to boost revenue for infrastructure development.

Governor of Lagos State, Mr Babajide Sanwo-Olu declared this recently at the investiture ceremony of  Mr Innocent Ohagwa as the 17th President of the Chartered Institute of Taxation of Nigeria(CITN), assuring  the  institute  of state’s cooperation  to drive voluntary tax compliance. 

Sanwo-Olu represented by his Special Adviser on Taxation and Revenue, Mr. Opeyemi  Ogungbo, lauded the institute’s influence in shaping national taxation and reforms proven to have enhanced tax system and professional practice.

He expressed confidence in the  capacity of the 17th President to lead CITN to new heights, citing his  track records and expertise in taxation spanning  over three decades, which have earned  him prestigious roles within and outside the institute across the continent. 

Sanwo-Olu further charged Ohagwa on innovative practice,  emphasising that  his emergence came at a critical point in Nigeria’s fiscal landscape, while he pledged fullest support and collaboration. 

“Lagos State remains a committed partner in the pursuit of effective tax administration and innovation. We will support efforts that drive transparency, accountability, and sustainable development,”he stated. 

In a keynote address themed, “ The Tax Professionals of Tomorrow: Skills, Ethics  and Innovation “,  Professor of Accounting at Nasarawa State University, Muhammad Mainoma, noted that traditional tax model was become obsolete for evolving global economy, and heightened demand for accountability and transparency. 

According to him, global initiatives like Base Erosion and Profit Shifting(BEPs) project, Common Reporting Standard(CRS) and push for global minimum tax are redefining tax jurisdictions, so also are tax functions  increasingly integrated with business process  such as corporate governance and sustainability reporting, thus placing ethical demands on practice. 

He said: “ The society demands a higher standard of ethical conduct from tax practitioner. In an age where public trust in institutions is fragile, tax professional play a key role in ensuring fair and transparent taxation. Ethical lapses not only harm client’s interest but also damage public confidence in the  system as  a whole.  As such, tomorrow’s tax professional must be guided by strong ethical principles that balance legal with social responsibility”. 

In his acceptance speech, Ohagwa  pledged  commitment to service, stating that his priorities align with the institute’s strategic plan. Some of his identified action points  included capacity enhancement for taxation stakeholders,  collaboration with key stakeholders on implementation of recent fiscal and tax reforms and improvement of service delivery channels and process, amongst others. 

He further reminded members on the need to be sufficiently  acquainted with the recently passed four economic stabilisation bill by the National Assembly. 

“Members are encouraged as a matter of deliberate efforts to ensure that they take passionate interest to seek and understand the content of the bill to enable them maximise the opportunities that tax reforms provide to professionals  and other stakeholders,” he informed.