‘PMS, diesel price surge raised CITN’s operating cost’

The increase in the cost of petroleum motor spirits (PMS) and diesel contributed to the surge of the administrative cost of Chartered Institute of Taxation of Nigeria (CITN) by 31 per cent in 2025. It would be recalled that the cost of PMS and diesel has been fluctuating, increasing the running cost of businesses and […]

The increase in the cost of petroleum motor spirits (PMS) and diesel contributed to the surge of the administrative cost of Chartered Institute of Taxation of Nigeria (CITN) by 31 per cent in 2025.

It would be recalled that the cost of PMS and diesel has been fluctuating, increasing the running cost of businesses and organisations.

Highlighting the institute’s financial reports during the 34th Annual General Meeting (AGM), the Honorary Treasurer, Isola Akingbade disclosed that the institute’s total expenditure increased by 32 percent in 2025 compared with the corresponding period in 2024.

“CITN personnel cost rose by 41 per cent over minimum wage implementation,” he added.

According to him, the personnel cost rose by 41 per cent from N204 million to N288m due to the implementation of the new federal government wage structure.

“Consultancy fees experienced an exponential 671 per cent increase, surging from N3.7m to N28.3m,” he added.

Earlier, the institute’s 17th President/ Chairman of Council, Innocent Ohagwa expressed commitment to the implementation of the 2021 to 2027 Medium Term Strategic Plan tagged “Developing the Tax Profession”. 

“The strategic direction of the Plan was hinged on connecting with stakeholders, building administrative and technical capacity as well as forging and strengthening strategic alliances cum effective communication,” he said.

He however raised concerns over inflationary pressures and rising operational costs, saying it affected the institute’s expenditure patterns, programme delivery and event administration. 

“This is especially because evolving tax reforms required CITN to assume stronger advocacy, advisory and stakeholder-coordination roles across Nigeria.

“In effect, while the broader operating environment simultaneously increased institutional responsibilities and strengthened the strategic relevance of the Institute, inflation heightened the cost of delivering the institute’s mandate,” he said.