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The Chartered Institute of Taxation of Nigeria (CITN) has expressed concern over the country’s low tax revenue to gross domestic product (GDP). The institute described the ratio between both as one of the lowest when compared to other African nations.
President of the CITN, Adesina Adedayo, said this during a media briefing, announcing its yearly tax conference, with the theme ‘Nigeria of the Future: Achieving Sustainable Development through Taxation’.
Adedayo, who identified challenges of declining revenue from crude oil sales, depreciating value of the naira, rising debt burden and increasing government spending, among others, were affecting Nigerians’ corporate existence.
For the nation to chart a way out of the quagmire, the CITN chief said having a conference was pertinent to address some of the nation’s woes. According to him, Nigeria needs to get its 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 the same that we as professionals can help the 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 guarantees sustainable development through effective taxation.”
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