Tinubu Wants Efficient Tax Collection System—Shettima

May 24, 2024
outstanding tax liabilities

By Adedapo Adesanya

Nigeria’s Vice President, Mr Kashim Shettima, has said the main focus of the administration of President Bola Tinubu is an efficient tax collection system and not to burden Nigerians with more taxes.

He said this when he received a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa, seeking the organisation’s insights on attracting foreign direct investment through competitive company tax rates.

The Vice President also met with the Chartered Institute of Stockbrokers (CIS) at the Villa where he called for the complete overhaul of the system to attract more youths to leverage opportunities in the sector.

He said the restructuring should include strengthening internal mechanisms to checkmate unwholesome practices by unscrupulous persons in the market.

“The focus of the President Bola Ahmed Tinubu administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive.

“As you go across every state, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get to the pockets of the government,” he added.

In his remarks, CITN President, Mr Samuel Agbeluyi, commended the federal government’s efforts to address the needs of Nigerians, citing the recent suspension of the Cybersecurity Levy as a prime example.

He applauded the administration’s initiatives, including unifying exchange rates, attracting foreign investment, establishing the Presidential Committee on Fiscal Policy and Tax Reforms, as well as deploying monetary policy measures to stabilise the naira, combat inflation, and recapitalize banks.

Mr Agbeluyi outlined the CITN’s multi-pronged goals, chief among which is forging a strategic partnership with the government to ensure the smooth implementation of the fiscal policy committee’s recommendations.

He advocated the professionalisation of tax functions within government agencies, recognising exemplary tax professionals and taxpayers through national honours, and fostering a robust working relationship between the CITN and the Vice President’s office on fiscal matters.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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