The Chartered Institute of Taxation of Nigeria, CITN has expressed worries on the ratio of the Nigeria Tax Revenue to Gross Domestic Product GDP which according to the institute is one of the lowest in Africa.
President of the CITN, Adesina Adedayo while briefing the media on the institute’s forthcoming Annual Tax Conference, decried rising economic challenges, which to him was affecting Nigerians corporate existence.
He identified some of these challenges as declining revenue from crude oil sales, depreciating value of the naira, rising debt burden and increasing government spending, among others.
He explained that these challenges and many others informed the theme of the institute’s 25th Annual Tax Conference, “Nigeria of the Future: Achieving Sustainable Development through Taxation ” to chart the way out.
According to him, Nigeria needs to get it fiscal and tax policies right to address the root of economic quagmire.
He said, “I believe that It is only through critical thinking and effective harmonisation of same that we as professionals can help government to navigate through all these. Therefore, this conference provides an opportunity for all Nigerians to gather, think and deliberate on actionable strategies to secure a future for Nigeria that grantees sustainable development through effective taxation.”
Adedayo further explained that the conference, which will hold between May 8 – 12, 2023, is in partnership with United Nations Development Programme, UNDP Nigeria, under the Tax Inspectors without Borders (TIWB)’s Tax for SDG programme.
He noted that speakers and papers to be presented for the programme in Abuja have been carefully selected to suit the purpose and theme of the event.