The Speaker of the House of Representatives, Dr. Tajudeen Abass, says Nigeria is underperforming when it comes to revenue generation.
Speaking in Abuja on Thursday when the leadership of the Chartered Institute of Taxation of Nigeria (CITN) paid him a courtesy visit, he asserted that Nigeria cannot record significant progress due to its current tax systems.
Stating that Nigeria is ranked among the lowest in Africa, in terms of revenue collection, he adduced the inability of the authorities over the years to overhaul the tax system to generate the desired revenue for the country to develop all its sectors.
The CITN delegation, led by the President, Mr. Samuel Olushola Agbeluyi, mni, FCTI, had the registrar, members of the council, and a past president, among others.
Following the House’s second reading of the Tax Reform Bills forwarded to the National Assembly by President Bola Ahmed Tinubu, GCFR, Speaker Abbas noted that all stakeholders, especially the CITN, would be engaged at the public hearing on the legislation before the end of February.
The Speaker said: “The House, just yesterday, in a historic manner, passed for second reading, the four tax bills submitted by Mr. President – in an unprecedented manner, with everybody supportive of it. It is really unprecedented, and that opens the door for us to begin looking at what the future has for this country.
“I am one of those who believe that this country can never move forward if our tax systems remain the way they are. We need to reform them so that the government can generate more revenue.
The Speaker said the mandate of the CITN tallies with the aspirations of the House as contained in the 10th House Legislative Agenda, adding that the parliament would partner with the institute to ensure that Nigeria is taken to the next level.
He stressed that the visit coincided with the time when the House was dealing with taxation. “I promise you that we will work and partner for the common good of Nigeria,” he said.
Earlier in his address, the CITN president noted that the institute will be 42 years old this February. “We have 48 district societies, two out of Nigeria – in the US and the UK,” he said, adding that with a membership strength above 30,000, “CITN has the largest number of professionals in the FIRS.”
Agbeluyi recalled how CITN championed various reforms, including the introduction of the Finance Act, which the immediate President Muhammadu Buhari assented to.
He also recalled how the Nigerian National Petroleum Company Limited (NNPCL) failed to make profits and remit revenue to the Federation Account, leaving the Federal Inland Revenue Service (FIRS) to the country’s rescue.
“Should we have the right attitude to taxation, Nigeria can be great,” Agbeluyi stated.
The CITN president said the visit was for the institute to establish a stronger relationship with the Speaker and the House.
