FG wants to revamp tax system, not overburden Nigerians – Shettima

Vice President Kashim Shettima has restated the commitment of the President Bola Ahmed Tinubu’s administration to revamping the nation’s tax system without overburdening Nigerians. The VP said the fundamental motive of the present administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. Speaking when he received […]

Vice President Kashim Shettima has restated the commitment of the President Bola Ahmed Tinubu’s administration to revamping the nation’s tax system without overburdening Nigerians.

The VP said the fundamental motive of the present administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection.

Speaking when he received a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa, on Thursday, VP Shettima noted that no Nigerian is pleased with the illegal tax collection happening across the entire country by non-state actors.

Soliciting CITN’s insights on attracting foreign direct investment through competitive company tax rates, Shettima said, “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.

• FG, BOI to establish youth development bank
• Tinubu making efforts to reduce cost of living, enrich citizens – FG

“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.” 

The vice president stressed the importance of collaborating with the CITN to adopt global best practices in tax administration, pointing out that, “Knowledge is not something you can buy in the market square; you have to earn it.”

In his remarks, CITN president, Samuel Agbeluyi, commended the federal government’s efforts to address the needs of Nigerians, citing the recent suspension of the cyber security 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 recapitalise banks.

Agbeluyi 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.

“We believe that our collaborative efforts will contribute significantly to the realisation of a tax system that is fair, transparent, and capable of driving Nigeria’s economic growth and development,” Agbeluyi stated.