Governor Babajide Sanwo-Olu of Lagos State has stressed the critical importance of a strong tax system in addressing Nigeria’s economic challenges and fostering sustainable growth.
Speaking at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), held at the Abuja Chamber of Commerce, International Trade, and Convention Centre, Governor Sanwo-Olu, represented by his Special Adviser on Taxation and Revenue, Abdul-Kabir Ogungbo, emphasized the theme “Sustainable Tax Culture and Economic Roadmap for Nation Building.”
Highlighting the significance of transparency, accountability, and efficiency in tax administration, Governor Sanwo-Olu called for a shift in perspective, urging taxpayers to view tax payments not as a burden but as an investment in Nigeria’s future.
He stated, “Building a sustainable tax culture requires concerted efforts on the part of the government to be transparent, accountable, and efficient in tax administration.”
He reiterated the need for taxpayers to see that their contributions are utilized effectively for public services and infrastructural development.
Governor Sanwo-Olu emphasized the importance of aligning economic roadmaps with developmental ideologies to incentivize investment, job creation, and economic diversification.
He urged the adoption of innovative approaches to expand the tax base while fostering a conducive business environment for economic growth.
Acknowledging recent government efforts to streamline state-level taxes and integrate the remote workforce into the tax net, Governor Sanwo-Olu praised these initiatives as steps in the right direction.
He strongly believes that CITN’s commitment to professional excellence and education will greatly contribute to a fair and efficient tax system, propelling Nigeria towards shared prosperity.
He praised CITN for its dedication and wished all participants a successful conference.
On its part, the Manufacturers Association of Nigeria (MAN) has voiced concerns over the detrimental effects of multiple taxation on manufacturers across Nigeria and their participation in the African Continental Free Trade Area agreement.
Segun Ajayi-Kadir, the Director General of MAN, addressed the ongoing CITN conference.
According to him, the situation has resulted in heavier tax burdens than anticipated, impacting manufacturers’ profitability and competitiveness.
