CITN cautions against misuse of tax proceeds

The Chartered Institute of Taxation of Nigeria (CITN) has warned political leaders against abuse of taxpayers’ money, stating that collecting tax revenue from taxpayers without using it judiciously weakens the country’s taxation system.

The institute said with the current move by the current administration to ensure the country’s taxation system is adequately improved the need to embark on a culture where the citizens willingly pay their taxes is now.

President of CITN, Samuel Agbeluyi, said this during the institute’s second pre-conference presidential chat, ahead of its yearly tax conference with the theme ‘Sustainable Tax Culture and Economic Roadmap for Nation Building’, slated to be held now at the Abuja Chamber of Commerce and Industry (ACCI) International Trade and Convention Centre in May, following the shutdown of the International Conference Centre.

According to him, it is high time leaders are held accountable for the misuse of taxpayers’ funds.

Noting that Nigeria has the benefit of getting it right through an effective tax system, Agbeluyi said that having the buy-in of political leaders, both at the executive, legislative and judiciary levels tells that the country is moving forward.

“You can’t collect tax revenue from taxpayers without using them judiciously, you are only weakening the system. If you want to enhance the system, whatever you collect, let it be seen that you are using it for the good of the citizens. Once we have that the culture will be improved,” he said.

He said most successful economies are not natural-based resource economies but use revenue from taxes to finance their activities, which is sustainable.

He commended President Bola Tinubu for the major steps taken to improve the country’s taxation system, through the setup of the Presidential Committee on Fiscal Policy and Tax Reforms, headed by Taiwo Oyedele.

Agbeluyi, hopeful that the committee would submit its report any time soon, said the institute believes that the presidential committee would be a major game changer in the taxation system in the country.