Vice President Kashim Shettima has reiterated the commitment of President Bola Ahmed Tinubu’s administration to overhaul Nigeria’s tax system while ensuring that citizens are not unduly burdened.
He asserted during a meeting with a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa.
VP Shettima emphasized that the primary objective of the administration is to enhance the efficiency of tax collection rather than increase the tax burden on Nigerians.
He expressed concern over the widespread illegal tax collection by non-state actors across the country, stating that such practices do not contribute to government revenue but rather burden citizens.
Soliciting insights from the CITN on attracting foreign direct investment through competitive company tax rates, VP Shettima highlighted the importance of adopting global best practices in tax administration.
He stressed that ”knowledge in this field is earned through collaboration and learning from reputable institutions like CITN.”
In response, CITN President Samuel Agbeluyi commended the Federal Government’s efforts in addressing the needs of Nigerians, citing recent actions such as the suspension of the Cyber Security Levy as positive steps.
He praised the administration’s initiatives aimed at unifying exchange rates, attracting foreign investment, and stabilizing the economy.
Agbeluyi outlined CITN’s objectives, including forging a strategic partnership with the government to implement fiscal policy recommendations effectively.
He emphasized the need for professionalization of tax functions within government agencies and pledged the institute’s support in fostering transparency and accountability in tax administration.
The CITN reaffirmed its commitment to providing technical advice to government bodies at all levels, contributing to the development of an efficient tax system that promotes economic growth and prudent resource utilization.
The institute also reiterated the importance of collaboration between CITN and the Vice President’s office in driving Nigeria’s economic development through effective tax policies.
In a related development, 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 CITN, held in Abuja recently, 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.
