Tax Reforms: CITN President Tasks Media On Public Enlightenment

Finance journalists have been urged to champion public discourse and understanding of Nigeria’s evolving tax system, critical reform measures of the nation’s fiscal sustainability efforts.

Addressing a capacitybuilding workshop in Lagos, the President of the Chartered Institute of Taxation of Nigeria (CITN), Barrister Samuel Agbeluyi, emphasised the pivotal role of the media in shaping informed narratives around the country’s transformative tax reforms.

The event, which brought together industry experts and journalists, aimed to deepen participants’ understanding of taxation principles and enhance reporting standards.

Agbeluyi praised the administration of President Bola Tinubu for its strategic overhaul of Nigeria’s taxation framework, designed to reduce dependence on oil revenues and foster economic stability.

Citing key initiatives, he highlighted the Executive Tax Relief Orders issued in July 2023, which suspended excise duties on telecommunications and single-use plastics, thereby alleviating financial pressures on businesses and consumers.

He also spotlighted the establishment of the Presidential Tax Reforms Committee in August 2023, tasked with addressing inefficiencies and introducing phased restructuring of tax policies.

Additional milestones included Fiscal Incentives for Gas Sector Expansion, import duty waivers, and VAT exemptions, all aimed at positioning the gas sector as a pillar of economic diversification.

“The journey to fiscal sustainability is a shared responsibility. The media must transcend superficial reporting to bridge the gap between policymakers and the public, offering accurate and insightful analysis of these reforms,” Agbeluyi declared Technological enhancements, such as the TaxProMax system, upgrades allowing partial liability payments, were also noted as steps to simplify compliance.

However, Agbeluyi acknowledged the concerns surrounding proposed Economic Stabilization Bills, advocating for constructive engagement to refine these policies for equitable economic growth.

In his opening remarks, Professor Godwin Oyedo – kun, who chaired the event, underscored the media’s critical role in fostering transparency and strengthening public understanding of taxation’s impact on national development.