The Chartered Institute of Taxation of Nigeria, CITN, has called on government at different levels to actively involve the private sector in its efforts to resuscitate the economy post COVID-19 .
President of CITN, Dame Olajumoke Simplice, stated this as part of the institute’s policy directions for the country, given the present tough economy weather, occasioned by COVID-19.
Simplice who was speaking at the 43rd induction ceremony of the institute, pointed out also the need for prudent management of taxpayers’ money by public office holders at this critical time.
She said, “The outbreak of the Corona Virus and its aftermath has brought unimaginable consequences on the world scene.
“Unemployment rates have doubled, economic growth has slowed down, production levels are on the low to mention but a few. At the local scene, the negative effects of the pandemic are glaring including a severe contraction in government revenues at more than sixty per cent, a widening fiscal deficit, increasing debt stock and rising inflation.
“The recent reports by the Nigerian Bureau of Statistics( NBS), have revealed a decline in the Gross Domestic Product (GDP)for the third successive quarter, which signals that Nigeria is now in recession”.
In overcoming this challenge, Simplice further recommended thus, “Nigerian government must collaborate with the private sector to save lives, protect livelihoods and lay the foundations for a strong economic recovery; prioritise investments with large job creation and high social impact such as agriculture and strengthen institutional capacity building, amongst others. “
The tax expert also charged the 558 newly inducted members on professionalism, adding that much is expected of them during this trying period.
Earlier in his address, Prof. Abdulmumini Bala Ahmed of the Department of Private and Commercial Law Faculty of Law, Bayero University, Kano,called for effective tax administration.
According to him, this is needed to tackle the country’s numerous security challenges and save the already tensed economy.
He also charged the inductees on honesty and integrity, while advising them to raise their bar in line with Adam Smith’s taxation principles for a digitalised economy.