Experts Urge Effective use of Tax for Development
Omolabake Fasogbon
Taxation experts have charged the Nigerian government on strategic utilisation of the tax policy to enable the actualization of the National Development Plan 2021-2025.
The experts who gathered at the Chartered Institute of Taxation of Nigeria (CITN) 40th anniversary Public Lecture in Abuja recently, urged government to consider tax policy as an instrument of socio-economic change that is productive in regulating the tax system and provide basis for tax legislation and administration.
They maintained that taxation remained a vital fiscal instrument for the nation’s development.
In his lecture themed, “ Actualising Nigeria’s Development Plan 2021-2025: The Critical Roles of Taxation and Fiscal Policies”, Chairman, Tax Appeal Tribunal, Lagos Panel 3, Prof. Abdulmumini Ahmed justified the input of taxation to nation’s development.
He said, “Taxation serves as general public policy instruments, promoter of economic growth and instrument to promote social change”
He opined that President of CITN should be considered a statutory board member of the Central Bank, Federal Inland Revenue Service, National Planning Commission and Joint tax board to guide policy formulation.
In his anniversary lecture, a past President of the institute, Dr. Jerome Naiyeju recounted the achievements of the institute from inception till date.
He enthused that the institute which started with 25 members, now boasts over 25,000 in 40 years.
He said, “The journey to ensure the Institute is recognised by enabling Act of the Federal Republic of Nigeria started on Tuesday, July 31, 1990, and in December 1992 by Decree 76, the Chartered status was conferred on the Institute, and by the virtue of this decree, the former Nigerian Institute of Taxation became Chartered Institute of Taxation of Nigeria (CITN).
Earlier President of the institute, Adesina Adedayo stated that the 40th anniversary celebrations was apt given the quota of the institute to national development since inception, but more importantly, to check the shortcomings and reposition the institute for next level of greatness.
