By Victor Nwegede, Abakaliki
The Chartered Institute of Taxation of Nigeria, CITN, has urged Nigerians to support President Bola Tinubu-led administration executive bill for the tax reform policy, saying it would stabilize the nation’s economy.
The CITN President, Samuel Agbeluyi, made the call during the investiture of Mr Sylvester Irem as the third Chairman and swearing-in of the 2024-2026 executive committee members of the CITN Abakaliki and District Society at the Staff Development Centre, Abakaliki, the Ebonyi State capital.
The President observed that the tax reform bill has witnessed controversy as a result of divergent opinions coming from Nigerians but insisted that its approval by the National Assembly and subsequent assent for operation by President Tinubu would usher in a stable economy in the country.
“Many see the tax reform initiative as a controversial issue, but in the real sense, we see it as a step forward to change the tariff of Nigeria and her economy.
“There are people who have different opinions, and that’s good for our economy. Nigeria, as a country, we don’t expect the executive arm to send a bill to the National Assembly, and everybody will accept it.
“So, we have seen that different people have different opinions, but that is good for democracy.
“We also expect different people having different opinions and perceptions to go National Assembly during their next sitting to offer their opinions. We will be there to offer our opinions as well.
“Tax reform initiative definitely will sanitize the Nigerian economy. It will reduce the burden of taxation, which Nigerians are carrying now.
“It’s because Nigerians are paying many taxes and the effect is not reflecting the government coffer or purse. It needs to be sanitized so that whatever is collected as tax revenue will go to the coffer.
“Nigerians can’t afford to pay over 60 types of taxes. This bill is saying to reduce the over 60 taxes to 9; that’s a good step Nigerians deserve.
“This bill, the committee was set up in 2023, the CITN has been hammering for almost everything we see in it for over 20 years. CITN is happy that the government of President Tinubu insists on tax reform because Nigeria can’t survive as a mono-product economy.
“We can’t rely only on oil revenue, because no great nation relies on one revenue. We are just moving towards making Nigeria’s economy a sophisticated one.
