Effective tax, fiscal policies essential for economic growth, says CITN

The Chartered Institute of Taxation of Nigeria (CITN) has said that Nigeria needs effective tax and fiscal policies for sustainable development.

This was noted at a media briefing ahead of the organisation’s 25th annual tax conference.

Adesina Adedayo, president of CITN noted during the briefing that for Nigeria to effectively develop economically, it must get its tax and fiscal policies right and that the tax body has a role to play.

“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,” he said.

Adedayo mentioned that the Nation is confronted by several economic woes that challenge the existence of corporate bodies.

“These challenges range from declining revenue from the sales of crude oil, the depreciating value of the naira, rising debt burden, and increasing government spending among others.

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In the midst of all this, Nigeria’s Tax Revenue to GDP Ratio is low and considered one of the lowest in Africa,” he said.

The tax body will be holding its 25th conference from Monday May 8 to Friday May 12, 2023 in Abuja. It is themed “Nigeria of the Future: Achieving Sustainable Development Through Taxation”.

Adedayo said that the 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.

Under the Tax Inspectors without Borders (TIWB)’s Tax for SDG program, the UNDP Nigeria is partnering with the Institute for the Annual Tax Conference.

Some of the speakers present at the conference are Mohamed Yahya, the Country’s Resident Representative, the United Nations Development Programme (UNDP), Ian Gary, the Executive Director, of Financial Accountability and Corporate Transparency (FACT) Coalition and Fund for Constitutional Government, Joshua O. Omuya, Former Member, Board of Directors, Central Bank of Nigeria.

Some activities during the conference: National Tax Quiz competition, sports Carnival, March Past, indoor games and a Gala Night.