The Lagos State Government has restated its dedication to implementing effective and transparent tax practices, as part of broader efforts by Nigerian states to increase internally generated revenue for infrastructural growth.
This reaffirmation came from the Governor of Lagos State, Mr. Babajide Sanwo-Olu, during the investiture ceremony of Mr. Innocent Ohagwa as the 17th President of the Chartered Institute of Taxation of Nigeria (CITN). Represented by his Special Adviser on Taxation and Revenue, Mr. Opeyemi Ogungbo, the Governor assured the institute of the state’s continued collaboration to foster voluntary tax compliance.
Sanwo-Olu praised CITN’s pivotal role in shaping tax policy and reforms across Nigeria, noting that its contributions have strengthened the country’s tax system and elevated professional standards within the sector.
He expressed strong confidence in Mr. Ohagwa’s ability to lead CITN forward, citing his wealth of experience in taxation, spanning over 30 years, and his various leadership roles across the African continent.
The Governor also challenged the new president to embrace innovation in tax practice, emphasizing that his leadership comes at a crucial time in Nigeria’s fiscal journey. He pledged the state government’s full support throughout his tenure.
Delivering the keynote address, Professor Muhammad Mainoma, a Professor of Accounting at Nasarawa State University, spoke on the theme, “The Tax Professionals of Tomorrow: Skills, Ethics, and Innovation.” He emphasized that traditional tax models are no longer sufficient in today’s rapidly evolving global economy. With growing demands for transparency and accountability, he said tax professionals must adapt to new global standards, including the Base Erosion and Profit Shifting (BEPS) project, the Common Reporting Standard (CRS), and the global minimum tax initiative.
Professor Mainoma highlighted the increasing expectations for ethical conduct in tax practice, stressing that in an era where public trust is fragile, tax professionals must uphold integrity to maintain confidence in the tax system.
In his acceptance speech, Mr. Ohagwa reaffirmed his commitment to the institute’s mission. He outlined his strategic priorities, which include capacity building for taxation stakeholders, strengthening partnerships for effective fiscal reform implementation, and improving service delivery processes within the sector.
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