Nigerias Federal Capital Territory, Abuja, was agog from Monday, May 13, 2024 as delegates from across the length and breadth of Nigeria gathered for the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN).

The theme of the 5-day Conference is:Sustainable Tax Culture and Economic Roadmap for Nation Building.

In the course of the ongoing Conference, delegates engaged with industry leaders, tax professionals and other policymakers in fruitful discussions on the ever-evolving landscape of taxation in Nigeria. Among the topics of discourse (in a series of formal and informal sessions) were ways of exploring innovative strategies to enhance revenue streams, as well as grappling with the intricacies of regulatory frameworks. Each session provided profound insights into the factors shaping fiscal policies at the national and subnational levels. The Conference was also an opportunity to exchange ideas, share best practices, and network with experts from diverse backgrounds, as well as to further reinforce the commitment of the Nigerian tax community to foster collaboration and seek informed solutions to the complex challenges facing the Country's tax system in particular, and the Nigerian economy in general.

Among the key speakers at the confab was the Governor of Lagos State, Mr. Babajide Sanwo-Olu, who was ably represented at the gathering by his Special Adviser on Taxation and Revenue, Hon. Abdul-Kabir Opeyemi Ogungbo.

The Conference theme, the Governor said, highlights the need for a clear economic roadmap that incentivizes investment, job creation, and economic diversification, emphasizing the need to make the Countrys tax system more transparent and accountable to Nigerians, so as to boost confidence and voluntary compliance. He added that the theme of this year's Conference was timely, given that Nigeria was currently on the cusp of recovery in accordance with the growth plan being put in place.Such recovery, the Governor asserted, will entail building a strong and sustainable future through a robust tax system that fosters economic growth and development.

We need to explore innovative ways to expand the tax base," he said, "while fostering a business environment that allows our economy to thrive.

Speaking through his SA, Ogungbo, the Lagos State Chief Executive added that this would require governments to be more efficient in tax administration “ because taxpayers would need to see that their contributions are being used effectively for public services and infrastructural development.

On the other hand, however, he urged the taxpayers to have a mindset shift, pointing out that taxes are an investment in the collective future of our people, rather than a burden to be avoided at all costs.

The Governor praised recent efforts to streamline state-level taxes and efforts to focus on integrating the growing remote workforce into the tax net, saying it will empower Nigerians to be active participants in nation-building. He also commended the CITN (the organizers of the Conference) for playing a crucial role in fostering this vital shift.

Hon. Abdul-Kabir Opeyemi Ogungbo concluded by encouraging the people to always remember that, "a thriving tax system is not just about collecting revenue, it's about empowering Nigerians to be active participants in nation-building. By ensuring a system that is transparent, efficient, and fosters a sense of shared responsibility, we can unlock Nigeria's true economic potential.

(SOURCE: Cypress Media)