The Tinubu administration plans to reduce the taxes payable in the country from six to a maximum of one as part of efforts to make Nigeria more business-friendly.

Chairman of the Presidential Fiscal and Tax Reform Committee, Taiwo Oyedele, revealed this at the 2023 annual conference of the Institute of Chartered Accountants of Nigeria in Abuja.

He explained that achieving this goal would require federal government intervention and a constitutional amendment, as the existing multiple taxes were causing complexity and ineffectiveness in tax administration.

Oyedele compared Nigeria’s tax revenue of N15.194 trillion in 2022 to South Africa’s equivalent N78 trillion revenue, despite South Africa having only 10 taxes during the same period.

To realize the tax reduction objective, he emphasized the need for administrative intervention and constitutional amendments.

In her remarks, the Accountant-General of the Federation, Dr. Oluwatoyin Madein, stressed the critical and unique roles of accountants in driving the nation’s development, emphasizing that “transparency builds trust.”

She called on accountants to ensure accountability in both the public and private sectors and address the specific needs of marginalized communities to promote inclusiveness in the nation.

Disparities, a Threat to the Nation – ICAN

Dr. Innocent Okwuosa, the President of ICAN, has issued a warning about the growing disparities across socio-economic lines in the country.

He emphasized that these disparities are now considered a threat to the nation and expressed ICAN’s consistent demand for accountability from the three tiers of government.

Furthermore, Dr. Okwuosa stated that addressing socio-economic disparities is not only a practical necessity but also a moral imperative, particularly given the widening inequalities across various indicators.

To rectify this situation, he proposed key measures, including bolstering fiscal management, rationalizing preferential trade restrictions, and eliminating tax exemptions.

Such decisive actions, he believes, would significantly improve the business environment, attract foreign direct investments, and reduce inflation.

Dr. Okwuosa stressed the need for an inclusive development blueprint for Nigeria, highlighting the importance of inclusivity as a moral responsibility.

In a message delivered by the Minister of Power, Mr. Adebayo Adelabu, President Bola Tinubu pledged to take steps to ensure economic development for all Nigerians.

He expressed his determination to create an “inclusive, equitable, and prosperous Nigeria,” emphasizing that inclusivity is a moral responsibility.

The president called on accountants to engage in robust discussions on transformative policies that would enhance inclusive development.

He also expressed the administration’s commitment to learn from ICAN’s expertise to work towards a better future for all Nigerians.