CITN Hopeful of Economic Growth amid Rising Inflation

Omolabake Fasogbon

The Chartered Institute of Taxation of Nigeria (CITN), has expressed optiism on improved growth in Nigeria’s economy inspite of rising inflationary challenge.

In March 2022, inflation rose to 18.17% from 17.33% recorded in February 2022.  This represents 0.82% points higher than February figure, according to Consumer Price Index report released by the National Bureau of Statistics.

Despite this trend, President of CITN,  Adesina Adedayo maintained that Nigeria’s economy was  on the path to growth across all indices, with right policies in place and well implemented.

Adedayo who was speaking at the institute’s Annual General Meeting, AGM noted that circumstances around the economy has a major influence on the growth and development trajectory of the institute.

He stated that inspite of economy challenge, the institute was fixed on becoming one of the foremost professional institutions in Africa and beyond, hence its appreciable strides in the year under review.

Adedayo listed part of institute’s achievements in the year as meeting and forging  strategic partnerships with key stakeholders and relevant government agencies, including Federal Inland Revenue Service, State Revenue
Authorities, Action Aid and regional and international professional bodies, amongst others.

He said, “The institute’s views and opinions on tax matters remained widely respected and sought after by the government and other stakeholders in the Nigerian tax system”.

Earlier, Treasurer of the institute, Simon Kato, stated that  the institute recorded an operating surplus of N145 million, representing an increase of 28.82 per cent as against N113 million recorded in 2020.

He said that the institute’s total assets had improved from N1.56 billion to N1.824 billion between 2020 and 2021.

Kato commended members  and other stakeholders for their commitment and role in the in the institute’s performance.