Nigerian Governors Advocate Transparent Tax System to Bolster Revenue
Governors from Lagos, Sokoto, and Borno States converged at the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria in Abuja, championing the cause for a transparent tax system to enhance internally generated revenue (IGR) across the nation.
In his address, Governor Babajide Sanwo-Olu of Lagos State, represented by his Special Adviser on Taxation and Revenue, Abdul-Kabir Ogungbo, highlighted the pivotal role of transparent tax administration in fostering confidence and voluntary compliance among taxpayers. He stressed the imperative of understanding the pivotal role taxes play in nation-building, emphasizing the need for an economic roadmap that incentivizes investment, job creation, and economic diversification.
Similarly, Governor Babagana Zulum of Borno State, represented by his deputy, Umar Kadafur, condemned inefficiencies and corruption within the current tax administration system, advocating for critical reforms to address these challenges. He underscored the necessity of tackling corruption in both the oil sector and governance system while criticizing political protection of tax evaders.
Echoing these sentiments, Governor Ahmad Sokoto of Sokoto State emphasized the importance of exploring innovative approaches to revenue generation in the face of economic challenges. He highlighted taxation as a crucial avenue for resource mobilization and pledged collaboration with the Chartered Institute of Taxation of Nigeria (CITN) to bolster IGR in Sokoto State.
Meanwhile, former Governor of Ogun State, Senator Ibikunle Amosun, emphasized the urgency of prioritizing IGR growth over reliance on borrowing to fund national and sub-national budgets. He cautioned against excessive borrowing amid economic challenges, advocating for sustainable revenue generation strategies.
President and Chairman of the CITN Council, Samuel Agbeluyi, underscored the significance of technological investment and capacity building at the subnational level to enhance revenue tracking, including in the realm of cryptocurrency. This, he emphasized, would optimize government revenue streams.
Amid discussions, the Presidential Fiscal Policy and Tax Reforms Committee reiterated its stance against proposing tax increases, underscoring the need for holistic reforms without burdening taxpayers further.
