Nigeria needs reforms in tax administration and expansion of tax net to enhance revenue and support economic growth, President/ Chairman of Council, Chartered Institute of taxation of Nigeria (CITN), Samuel Olushola Agbeluyi has said.
Speaking during his investiture as the 16th President/Chairman of Council in Lagos, he said reforms in tax administration would be pursued during his tenure to enhance the quality of tax administration in the country.
Agbeluyi said Nigeria derives a higher proportion of its revenue from corporate income tax (26.3 per cent) compared to South Africa (20.7 per cent), an indication that as a country, Nigeria is yet unable to maximise its population potentials to grow its tax revenue.
“A number of Nigerians are still outside the tax net. Businesses have not been able to grow effectively because of tax related issues. It is my belief that if we effectively capture more people into the tax net, the number of taxes burdened on businesses will reduce and our economy blossom. In achieving this, we must pay critical attention to research, digital infrastructure, fiscal policy interventions and tax governance among others,” he said.
Agbeluyi advocated CITN partnerships with the Federal Government, all State Governments, Local Governments and every key stakeholder in the Nigerian tax space to enable the institute bear its rich knowledge, experience and assets to improve on taxation, its practices and compliance in Nigeria .
He said his administration would improve the visibility and respectability of the Institute and advocate for the creation of Revenue and Taxation Committees at the National Assembly and State Houses of Assembly.
He also said the institute will under his leadership establish a relationship with the National Judicial Institute and with the Tax Appeal Tribunal, organize regular interactive sessions with the Presidency, Principal Officers of the Legislature, the Attorneys-General of the Federation and the States, and the Heads of Courts.
Agbeluyi said: “We will also undertake research and provide insight on contemporary issues in Nigeria and globally, encourage collaboration among Tax Professionals, Academics, and Tax Administrators and improve the research capabilities of tax practitioners,” he said.
It is with a sense of humility and responsibility that I accept to offer service and leadership as the 16thPresident/Chairman of Council of our great Institute.
“Our revered Past Presidents, led by the Doyen of Taxation, Chief David Ajibola Olorunleke, have remained a strong pillar of support to the Institute. Asides their contributions in the course of their tenures which laid the foundation upon which the Institute is firmly anchored, CITN has continued to benefit from their wise counsel and service at all times.”
“At the Institute, where I have had the privilege of serving in various capacities prior to and since joining Council in 2012, I cannot but acknowledge some great personalities that have given me the opportunity to offer service and be assigned important responsibilities of trust.”
He described the 15th President, Adesina Adedayo, as his good friend and great professional colleague. “While he joined Council before me, we have worked together on so many fronts at the Institute. He is a professional par excellence who made indelible contributions to the development of the Institute not just during his tenure as President but over the years. I thank him for his service to the Institute and pray that Almighty God will reward his efforts,” he said.
Advancing the cause of the Institute shall be the ultimate focus of this presidential tenure. On this project, we have a clear agenda, advancing the goals outlined in the 2021 – 2027 Strategic Plan as approved by Council in 2021. The 15th President, working with Council, has made considerable progress in implementing the plan of action which seeks to place the Institute as the fulcrum upon which the tax profession is developed in Nigeria. We will set the sails even higher during my tenure. We realise that there are lots of obstacles. The key to success is to focus on goals, not obstacles. We will not just set goals but will hunt them and ensure successful accomplishment.
In achieving the goals set out, we recognise that there would be challenges, but with support from stakeholders, we are confident that they would be surmounted and our goals achieved. We solicit therefore, for support from Government at all levels and revenue authorities in Nigeria. It is worthy of note that CITN has been contributing positively to national development endeavours whether as an Institute or through the services provided by its members. As a matter of fact,
Chairman, Investiture Committee, Daniel-Adebayo Olugbenga, said the new President brings with him a wealth of knowledge, experience, and vision. He has demonstrated outstanding leadership qualities and a deep understanding of the challenges and opportunities that lie ahead in the field of taxation. We are confident that under his able guidance, our Institute will continue to thrive, adapt, and contribute to the growth of our nation’s economy.
“I would like to extend our heartfelt gratitude to all the past Presidents of the Institute who have tirelessly worked to establish a solid foundation and shape the path we tread today. Your wisdom, dedication, and commitment to the principles of taxation have been instrumental in shaping the tax landscape of Nigeria. Your presence here today is a testament to your unwavering support and belief in the importance of our Institute’s mission,” he said.
“As we celebrate this investiture ceremony, let us not forget the broader significance of taxation in our society. Taxes are the lifeblood of any nation, fueling its development, supporting social welfare programs, and fostering an environment conducive to investment and business growth. It is through taxation that we can build a more equitable and prosperous society for all.”
