‘Tax collection optimisation will help to achieve $1trn economy’

The Lagos State government says there is a need to optimise the tax collection process to be able to achieve the federal government’s $1 trillion economy target by the year 2030. The Special Adviser to Lagos State Government on Public Private Partnerships, Mrs. Bukola Odoe, stated this in Lagos at the 2024 Annual Workshop/ Awards […]

The Lagos State government says there is a need to optimise the tax collection process to be able to achieve the federal government’s $1 trillion economy target by the year 2030.

The Special Adviser to Lagos State Government on Public Private Partnerships, Mrs. Bukola Odoe, stated this in Lagos at the 2024 Annual Workshop/ Awards of the Commerce and Industry Correspondents Association of Nigeria (CICAN).

Odoe, represented by Consultant and Financial Analyst, Lagos State Office of Public Private Partnerships, Adefisoye Adekunle, said there is a need to focus and optimise collection process, make it simpler, easier in such a way that people with a small Phone and Android can pay tax without stress.

According to her, enhancing tax collection processes not only boosts revenue generation but also contributes to sustainable economic progress, supporting the realisation of national economic targets.

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“We need to focus and optimise our collection process, make it simpler, make it easier in such a way that people with a small phone, android can access, you can access your tax, and you can pay without any stress,” Odoe said.

She also addressed the ongoing discussions surrounding the proposed new tax bill in the National Assembly, stressing the need for a balanced approach to tax collection that fosters economic growth and development in a fair and equitable manner.

The National Chairman of CICAN, Mr. Charles Okonji, in his address, expressed deep worry over the sector’s poor health, noting that even government interventions have failed to address the challenges.

“The repercussions are evident, with many multinational corporations relocating to neighbouring countries due to unfavourable business conditions,” he stated.