The Speaker of the House of Representatives recently highlighted the urgent need for tax reform in Nigeria to address challenges in the country’s financial and fiscal systems. Nigeria is currently facing low levels of revenue generation compared to other nations. During a meeting with the Chartered Institute of Taxation of Nigeria in Abuja, the Speaker emphasized the importance of reforming the tax system to boost government revenue.
Following the House’s passing of four executive bills on tax reform, which are now under review by the House Committee on Finance, the Speaker expressed optimism about the potential impact of these reforms. He stressed the necessity of overhauling the tax system to enhance revenue generation for national development.
The Speaker affirmed the alignment of the tax institute’s goals with the House’s legislative agenda and pledged to engage stakeholders during the upcoming public hearing on the legislation. He emphasized the importance of collaboration for the benefit of Nigeria’s progress.
In response, the CITN President highlighted the institute’s past advocacy for reforms, including the successful introduction of the Finance Act. He also raised concerns about the Nigerian National Petroleum Company Limited’s failure to declare profits and remit revenue to the Federation Account, emphasizing the importance of a positive approach to taxation for Nigeria to thrive economically.