Lawson Lawson

President Bola Tinubu has reaffirmed his commitment to comprehensive tax reforms, acknowledging the challenges of transforming the country’s tax system but describing it as vital for Nigeria’s long-term growth.“It was not easy at first, but nation-building is never straightforward. You have demonstrated true leadership and courage in the face of rising disputes. Tax reforms are never simple anywhere in the world,” President Tinubu said. Speaking to journalists at the State House shortly after the president signed four significant fiscal reform bills into law, the Chairman of the newly renamed Nigeria Revenue Service (NRS), Zach Adedeji, announced that the implementation would officially begin on January 1, 2026.He explained that the six-month gap before rollout is to give adequate time for planning, capacity building, and widespread public awareness.“With these new laws, the Federal Inland Revenue Service (FIRS) has officially become the Nigeria Revenue Service (NRS),” Adedeji said. “The new Act broadens our mandate beyond taxes to include non-tax revenue collection, while raising the bar for transparency, accountability, and efficiency.” According to Adedeji, the Nigeria Revenue Service (Establishment) Act replaces the old FIRS Act and creates a more independent, results-driven national revenue agency.“Just two hours ago, we were FIRS. Now, we are the Nigeria Revenue Service — with a wider reach and a stronger focus on efficient revenue collection,” he added. The Chairman of the Presidential Committee on Tax Reforms, Taiwo Oyedele, also emphasised that President Tinubu has directed that the new tax measures must be implemented inclusively and collaboratively.“We are ready, but this is not something government can achieve alone. It demands collective effort,” Oyedele said. He added that the committee will work closely with the private sector, professional bodies, civil society organisations, and international partners.“Everyone who means well for Nigeria — tax professionals, civil society, private businesses, and global partners — will have a role to play,” he said. Speaking during an interview on Channels Television, Oyedele noted that households earning ₦250,000 or less per month would no longer pay personal income tax under the new regime.He explained that the goal is to boost economic growth, reduce pressure on low-income earners, and make the wealthy contribute more.“This new tax law may not put money directly in your pocket, but if you’re poor, it won’t take away the little you have,” Oyedele said, adding that Nigerians earning below ₦250,000 monthly will be exempt because they barely earn enough to cover basic needs. Key Features of the New Tax Laws Before the bills were signed, there were concerns about a possible increase in the tax burden on citizens. However, the new laws keep the Value Added Tax (VAT) at 7.5% and maintain the corporate income tax at 30%. They also introduce VAT exemptions for essential goods and services such as staple food items, medical care, pharmaceuticals, tuition fees, and electricity — all designed to shield the poor from additional costs. A major change is the transition of the FIRS to the NRS, which will also handle revenue collection for other federal agencies, including the Nigeria Customs Service, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Ports Authority (NPA). The reforms specify that only individuals earning over ₦50 million annually will pay the highest personal income tax rate of 25%, while small businesses are exempt from income tax altogether. For medium and large companies, the corporate tax rate will drop from 30% to 25% starting in 2026. Mixed Reactions from Analysts and Stakeholders Experts have urged the government to demonstrate strong political will to ensure that the reforms are fully and effectively enforced.Paul Alaje, Senior Partner at SPM Professionals, warned that any future VAT increase could raise the cost of living and worsen inflation.“The bill includes a clause that could allow VAT to be increased later, which would push up the cost of goods and reduce purchasing power — not ideal when inflation is already high,” he said. Alaje also raised concerns about practical challenges.“The law requires digital readiness and close collaboration with state governments, but over 250 out of 774 local governments in Nigeria still lack reliable mobile networks. Infrastructure and capacity gaps must be closed to make implementation work,” he said.On a positive note, he praised the exemption of small businesses with a turnover below ₦50 million from corporate tax, calling it a major boost for entrepreneurs.“About 90% of Nigerians pay little or no tax. It’s right that the government focuses on big businesses and wealthy individuals while supporting small businesses to grow,” he added. Adesina Adedayo, former President of the Chartered Institute of Taxation of Nigeria (CITN), welcomed the reforms but stressed that without political will, good policies often fail.“It would be a setback if this ends up like other well-intended laws that were poorly implemented. Stakeholders must study the Acts to ensure they align with national goals,” he said. Professor Uche Uwaleke, Nigeria’s first professor of capital markets, described the reforms as a bold step towards improving the business climate.“These new measures remove multiple taxes that have long burdened businesses, promote job creation, and help redistribute income. With low-income earners exempted and the tax threshold for small businesses raised, the system is now fairer and more progressive,” he explained.He noted that consolidating tax collection under the NRS could help reduce leakages but stressed that phased and careful implementation would be critical to success. Economic analyst Samuel Caulcrick argued that the new tax laws would improve accountability, reduce the need for borrowing, lower interest rates, and help stabilise the naira.“When more people pay taxes, they hold leaders accountable. This shift can enhance transparency and reduce excessive government borrowing, which should lower interest rates and make credit more accessible to businesses,” he said.Caulcrick added that sound tax systems are crucial for economic stability and good governance, describing the reforms as a positive step towards strengthening Nigeria’s fiscal framework. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos,

Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has approved weekend operations for tax offices across the country throughout June. The directive, announced in a statement by Dare Adekanmbi, Special Adviser on Media to the Chairman, underscores Adedeji’s commitment to delivering a customer-focused tax administration. According to the statement, tax offices will now open from 10:00 a.m. to 4:00 p.m. on Saturdays, and from 12:00 p.m. to 4:00 p.m. on Sundays. The weekend schedule, which began on June 14 and ends on June 29, is aimed at helping companies meet the June 30 deadline for filing their annual Companies Income Tax (CIT) returns. Coordinating directors overseeing the Large Taxpayers Group, Government and Medium Taxpayers Group, and Emerging Taxpayers Group have communicated the directive to all tax offices to ensure effective implementation. “June marks the peak of the CIT filing season, especially for businesses whose financial year ends on December 31,” the statement noted. Since assuming office, Adedeji has led reforms to streamline tax processes and improve service delivery, transforming the FIRS into a more responsive, service-driven institution. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Aliko Dangote, President of the Dangote Group, recently informed President Bola Ahmed Tinubu that his conglomerate contributed a staggering N450 billion in taxes to the federal government in 2024—making it the highest tax-paying corporate entity in Nigeria. Remarkably, this amount surpasses the total tax contributions of all the country’s banks combined. Despite this substantial payment, Dangote affirmed the group’s continued commitment to national development, pledging an additional N900 billion investment in road infrastructure projects across Nigeria. One of the flagship projects under this initiative is the Deep Sea Port Access Road, being constructed through the federal government’s tax credit scheme. Dangote noted that the road is part of a broader infrastructure plan comprising eight major projects totaling 500 kilometers. This includes two roads in Borno State, which will eventually connect Nigeria to neighboring Chad and Cameroon. Commending President Tinubu’s leadership, Dangote described him as a courageous reformer whose administration has reignited investor confidence in the private sector. He also expressed gratitude for the president’s vision behind transformative projects like the Lekki Deep Sea Port. In a symbolic gesture, Dangote announced that the main access road to the cutting-edge Dangote Petroleum Refinery & Petrochemicals complex will be named Bola Ahmed Tinubu Road in honor of the president. “The Dangote refinery complex is, in many ways, your brainchild,” Dangote said, addressing President Tinubu. “Mr. President, let me just say one thing — the main road leading into our refinery is now to be known as Bola Ahmed Tinubu Road.” Following the announcement, President Tinubu stood up to shake hands with Dangote, drawing a round of applause from the dignitaries present. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Major Energies Marketers Association of Nigeria (MEMAN) has cited low fuel taxation as a key reason Nigeria’s petrol prices remain significantly cheaper than in other West African countries. Speaking in an exclusive interview with The PUNCH on Monday, MEMAN’s Executive Secretary and CEO, Clement Isong, backed recent claims by Dangote Group President, Aliko Dangote, who stated that Nigerians pay only about 55% of what their regional neighbors pay for petrol. Isong confirmed the disparity, noting that in some West African nations, fuel prices can be up to 50% higher than in Nigeria. “Yes, in some countries, Nigerians are paying just half the cost,” he said. He attributed this to Nigeria’s relatively low fuel taxes. “Fuel taxation in Nigeria is minimal — just one percent in total, split between 0.5% for infrastructure funding and 0.5% for the NMDPRA. In other countries, fuel taxes are much higher, which drives up prices,” Isong explained. In addition to lower taxation, Isong pointed to Nigeria’s large-scale fuel consumption as a contributing factor. “We benefit from economies of scale. With a high turnover and large consumer base, the cost per litre is reduced. Nigeria’s economy is among the largest in Africa, and its energy demand is concentrated and constant. That drives prices down compared to smaller markets where demand is slower,” he said. Isong also acknowledged the impact of the Dangote Refinery, which he said has been instrumental in maintaining lower fuel prices locally. “For the past couple of months, Dangote has been the price leader, keeping petrol prices low in Nigeria,” he noted. When asked about the potential for smuggling due to Nigeria’s lower fuel prices — despite the removal of fuel subsidies — Isong said it was difficult to assess. “I can’t say for sure. Smuggling may have decreased, but whether it has stopped completely, I don’t know,” he responded. Over the weekend, Aliko Dangote addressed ECOWAS leaders during a visit to the Dangote Refinery, reinforcing his earlier statement that Nigerians are paying far less for fuel than neighboring countries. According to Dangote, petrol at his refinery currently sells for between ₦815 and ₦820 per litre, while the average price across the region is about $1 per litre — roughly ₦1,600. He stressed the broader impact of the refinery on the economy, noting how local refining has helped reduce fuel costs and supported key sectors. “When we started producing diesel last year, the price dropped from ₦1,700 to ₦1,100 almost immediately. That drop benefited multiple industries, especially agriculture and mining,” Dangote said. He also called for stronger economic integration across Africa, encouraging more trade among African nations to strengthen the continent’s economies. Despite the benefits, some fuel marketers and importers have raised concerns, saying that the Dangote Refinery’s competitive pricing has affected their profits, resulting in significant financial losses. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

“I also extend my heartfelt appreciation to my colleagues on the House Conference Committee, which I had the honour of leading, for their steadfast commitment to the Nigerian people. Your dedication and resilience in concluding this important task are truly commendable, and we remain deeply grateful.” It was reported that the four tax bills were submitted two weeks ago to the Joint Harmonisation Committee, comprising members of both the Senate and the House of Representatives, to reconcile differences in amendments before being forwarded to President Bola Tinubu for assent. Following a majority voice vote, the Senate President, Godswill Akpabio, announced the passage of the bills and lauded the lawmakers for their sacrifice in reforming Nigeria’s tax system to align with international standards. “These four executive bills aim to transform and modernise the tax framework in Nigeria,” he stated. The development comes just 24 hours after the Senate passed two of the bills, deferring the remaining ones for consideration on Thursday. Speaking to journalists after plenary, Senator Sani Musa, Chairman of the ad hoc committee on tax reform and representative of Niger East Senatorial District, affirmed that the committee worked diligently to ensure the proposed tax system meets global benchmarks. He further revealed that part of the revenue generated from the tax reforms will be allocated toward combating cybercrime, enhancing defence infrastructure, supporting TETFund, and providing assistance to military personnel engaged in peacekeeping efforts across the country. Senator Musa also emphasized the committee’s recommendation for the President to appoint a chairman and establish an ombudsman to arbitrate and resolve tax-related disputes. He stressed the critical importance of setting up a tax tribunal, noting:“It is not a court of record. We have carefully reviewed issues surrounding VAT, tax collection, development levies, and the previously expunged inheritance tax.” Expressing optimism, he added, “I believe Nigerians will witness tangible improvements as a result of these reforms. We also commend the President for ensuring a level playing field for all stakeholder For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Introduction Nigeria continues to grapple with persistent fiscal challenges—ranging from recurring revenue shortfalls and mounting debt obligations to surging inflation, which reached over 32% in 2024. These pressures have consistently widened the country’s budget deficits, even as government spending has increased to tackle urgent national needs such as infrastructure, economic recovery, and social welfare. Although the Federal Government has ramped up allocations to critical sectors, fiscal performance remains strained. A major factor is Nigeria’s relatively low tax-to-GDP ratio, which stood at approximately 10.3% in 2024—an improvement from previous years but still below the African average of 15.6% and the global average of 19%. In response, the government has set a target of increasing this ratio to 18% by 2026 through comprehensive tax reforms aimed at boosting compliance, widening the tax base, and reducing reliance on borrowing. Taxation remains a cornerstone for addressing Nigeria’s fiscal and budgetary challenges. In 2023, President Bola Tinubu inaugurated the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele. The committee was tasked with overhauling the fiscal system to enhance revenue mobilization from both tax and non-tax sources. Notably, the committee aims to raise the tax-to-GDP ratio without introducing new taxes or increasing existing rates. Instead, reforms will focus on streamlining taxes, improving collection efficiency, and alleviating the compliance burden on businesses and individuals. FIRS Revenue Performance (2020–2024)Over the past five years, the Federal Inland Revenue Service (FIRS) has significantly improved its revenue collection efforts, despite economic headwinds including the COVID-19 pandemic, inflation, and rising debt. 2020: ₦5.26 trillion collected—surpassing targets despite pandemic disruptions. 2021: ₦6.4 trillion collected, bolstered by digital tools like the TaxPro Max platform. 2022: Record-breaking ₦10.1 trillion, driven by Companies Income Tax, VAT, and stamp duties. 2023: ₦12.3 trillion collected due to enhanced data management and sector-specific strategies. 2024: FIRS exceeded its ₦19.4 trillion target by collecting ₦21.6 trillion—a 112% performance rate and a 76% increase from 2023. The FIRS attributes this success to internal reforms, stakeholder collaboration, and workforce commitment. However, it’s crucial to acknowledge external influences, such as the deregulation of the exchange rate regime and high inflation, which have inflated nominal revenue figures. As such, Nigeria must adopt inflation-adjusted strategies to ensure the long-term sustainability and real value of its revenue gains. Revenue Performance vs. Budget Deficits (2020–2024)Despite FIRS’s commendable performance, Nigeria’s budget deficit remains a significant concern. From 2020 to 2024, national budgets expanded steadily, but expenditures have consistently outpaced revenues. 2022: With a ₦17.1 trillion budget, the deficit surged to ₦7 trillion. 2024: A ₦49.74 trillion budget projected a deficit of ₦13.39 trillion. The core issue lies in Nigeria’s continued dependence on oil revenues and an expanding expenditure base. While improved tax collection has helped, it has not been sufficient to close the gap. To achieve fiscal sustainability, Nigeria must diversify its revenue sources, reduce structural inefficiencies, and deepen non-oil revenue mobilization. Charting a Sustainable Path ForwardThe proposed Nigerian Tax Bill (NTB) represents a critical reform designed to improve compliance, enhance the ease of doing business, and expand government revenue without imposing new taxes. Key elements include: Simplification: Streamlining the tax system and eliminating redundancies. Compliance: Encouraging voluntary compliance and reducing disputes through clearer legal provisions. Inclusivity: Expanding the tax net to include previously untaxed activities, particularly in the informal and digital economies. Modernization: Leveraging technology to improve monitoring and enforcement, particularly for non-resident companies and digital services. Investment climate: Reducing administrative burdens to attract both local and foreign investors. The bill is a significant step toward achieving the government’s 18% tax-to-GDP target by 2026. However, its success hinges on effective implementation, institutional reform, and stronger fiscal discipline. ConclusionNigeria stands at a critical juncture in its fiscal journey. While recent gains in tax collection are encouraging, long-term economic stability requires comprehensive reforms that go beyond revenue targets. The Nigerian Tax Bill, coupled with strategic fiscal planning and diversification efforts, can help bridge the deficit gap, ensure financial sustainability, and drive inclusive national development. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Nigeria may reinstate a 5% excise tax on telecom services, as proposed in the 2024 Finance Bill passed by the Senate last week. The tax would apply to data and voice services. Initially introduced in 2020 under former President Buhari to broaden the tax base, the levy was suspended in 2023 by President Bola Tinubu in response to soaring inflation. However, with mounting fiscal pressures, the government is now revisiting the policy. Telecom operators warn that reintroducing the tax would increase service costs and hinder efforts to bridge Nigeria’s digital divide, with over 40% of the population still lacking internet access. Gbenga Adebayo, Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), criticized the proposal for its lack of clarity and potential impact on consumers. “We’ve received no details on how this 5% tax would be implemented, but it’s clear the burden will fall on users. Telecom services should be treated as essential infrastructure, not taxed like luxury goods. No serious economy taxes telecoms in this manner,” Adebayo said. ALTON also highlighted that telecom operators already face 54 different taxes across Nigeria. The Nigerian Communications Commission (NCC) has yet to receive the official bill for review. Industry analysts warn that the tax could discourage investment in digital infrastructure, threatening recent sector gains. MTN Nigeria reported a Q1 2025 profit of ₦133.7 billion ($83.3 million), while Airtel Africa announced a pre-tax profit of $661 million for its financial year ending March 2025. With internet access increasingly vital for education, healthcare, and employment, experts argue that higher telecom costs risk deepening Nigeria’s digital divide. They advocate for long-term strategies focused on investment and connectivity rather than short-term tax fixes. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Lagos State Government on Monday announced plans to convert more than ₦3 trillion worth of idle assets into liquidity through securitisation, in a bid to finance ongoing infrastructure development. This was revealed by the Commissioner for Finance, Mr. Abayomi Oluyomi, during a press briefing held as part of the events marking the second anniversary of Governor Babajide Sanwo-Olu’s second term in office. Oluyomi also disclosed that the state would soon launch the Lagos Economic Summit Group and establish the Lagos State Sovereign Wealth Fund. According to him, the fund will serve as a reserve for surplus revenues and will contribute to strengthening the state’s economy. He noted a significant rise in tax revenue, with ₦333 billion generated in the first quarter of 2025, compared to ₦232 billion during the same period in 2024. Highlighting the state’s economic strength, the commissioner said Lagos’ Gross Domestic Product (GDP) stands at $259 billion, maintaining its position as Nigeria’s economic powerhouse and the largest sub-national economy in Africa. The state’s Internally Generated Revenue (IGR) in 2024 reached ₦1.3 trillion—an impressive 45% increase from the ₦895 billion recorded in 2023. Oluyomi attributed the revenue boost to the efforts of the Lagos State Internal Revenue Service (LIRS), which has been instrumental in expanding the tax base, sealing leakages, and promoting sustainable revenue growth to meet the city’s expanding infrastructure demands. “The LIRS has remained proactive in expanding the tax net, plugging revenue leakages, and ensuring sustainable growth—all crucial for meeting the state’s growing urban and infrastructure needs,” he stated. Regarding the state’s financial health, the commissioner affirmed that Lagos currently has the lowest debt profile in the country and maintains a top-tier credit rating of triple-A. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Senator Bamidele announced that the primary agenda for lawmakers upon resumption of plenary would be the passage of the Tax Reform Bills. Once passed, the legislation will be forwarded to the presidency for assent, after which it will become law. “Our top priority is the continued deliberation and passage of the 2024 Tax Reform Bills,” he said. “This is a critical step in overhauling the nation’s tax system and boosting federal revenue. It will also empower governments at all levels to execute projects and fulfill democratic promises.” The bills were developed by the Presidential Committee on Fiscal Policy and Tax Reforms and include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. These proposed laws seek to revise the Value-Added Tax (VAT) revenue-sharing formula and introduce tax exemptions for individuals earning the national minimum wage. Following their second reading in the Senate in November, the bills were referred to the Senate Committee on Finance for detailed review and stakeholder consultation. The House of Representatives passed the bills for a second reading on 12 January. Since being submitted to the National Assembly on 3 October 2024, the bills have sparked widespread discussion, especially over potential regional impacts. Some lawmakers from Northern Nigeria, backed by the Northern Governors Forum, raised concerns that the VAT component might favor certain regions. In response, the Forum instructed its representatives to oppose the bills. Nevertheless, the Nigeria Governors’ Forum (NGF) voiced strong support for the reforms after discussions with the president’s economic team. Senators from the South-east called for additional consultation with their regional governors and stakeholders, while South-south lawmakers cautioned against allowing regional or ethnic sentiments to influence the debate. Senate President Godswill Akpabio assured the public that the National Assembly would carry out a comprehensive review and ensure the passage of legislation that serves the national interest. A two-day public hearing was recently concluded, during which stakeholders expressed overwhelming support for the bills. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Chartered Institute of Taxation of Nigeria (CITN) has once again affirmed its commitment to advancing ongoing tax reforms and strengthening professionalism within Nigeria’s tax system. Speaking at the 52nd induction ceremony of the institute held in Abuja, CITN President, Mr. Samuel Agbeluyi, highlighted the institute’s enduring leadership in promoting excellence, ethics, and professional standards in taxation for over four decades. “As the leading professional taxation body in Nigeria, the Institute has consistently championed the pursuit of excellence, ethical practice, and professionalism for more than 43 years,” Agbeluyi stated. He urged members to familiarize themselves with the tax bills proposed by the Presidential Committee on Fiscal Policy and Tax Reforms, which have passed through the House of Representatives and are awaiting Senate approval. “The bill, among other provisions, recommends the introduction of tax agents who will act as intermediaries between taxpayers and revenue authorities,” he explained. “While this legislative move is commendable, tax professionals must play an active role in its effective implementation.” Agbeluyi noted that the CITN had carefully reviewed the proposed legislation and submitted recommendations aimed at refining its provisions to enhance tax administration and professionalism. “We are confident that the incorporation of our recommendations will further strengthen Nigeria’s tax framework,” he said. “CITN remains unwavering in its mission to provide technical support and professional guidance to the government as these reforms take shape.” He also reaffirmed the institute’s commitment to continuous professional development, pointing to its wide range of training programs designed to equip members with up-to-date knowledge and skills. Agbeluyi encouraged the new inductees to uphold the institute’s reputation by maintaining high ethical standards and consistently striving for excellence in their professional engagements. In her remarks, Dr. Titilayo Fowokan, Chairman of the Membership and Professional Conduct Committee, emphasized the essential role of taxation in national development, noting that CITN members are key contributors to economic growth. “As tax professionals, your role in ensuring compliance, promoting fiscal responsibility, and supporting national development cannot be overstated,” she said. She urged the new members to take full advantage of the institute’s learning and networking opportunities, emphasizing that “success in this profession is built on a foundation of integrity, lifelong learning, and best practices.” The ceremony saw the induction of 1,461 new members, with about 10 inductees recognized for exceptional performance in the professional examinations. Delivering the keynote address, the special guest of honour, Professor Yusuf Ali (SAN), stressed the crucial importance of taxation for national development. “In serious nations, tax evasion is treated with the utmost gravity, often equated with acts that endanger the lives of many,” he said. Professor Ali lamented Nigeria’s heavy dependence on oil revenue, arguing that it had eroded fiscal discipline and public accountability. “In the First Republic, every region contributed to the national purse, fostering a shared sense of responsibility and ownership. However, the discovery of oil shifted focus away from taxation,” he remarked. “When citizens pay taxes, they are more inclined to hold leaders accountable.” He concluded by calling for a renewed culture of tax consciousness in Nigeria as a foundation for sustainable national progress. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.