Nigeria’s Progress Hindered by Outdated Tax System – Speaker Abbas

Nigeria’s Progress Hindered by Outdated Tax System – Speaker Abbas
Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has called for a complete overhaul of Nigeria’s tax system, arguing that the country cannot achieve sustainable growth under its current structure.

Speaking in Abuja on Wednesday during a visit by the Chartered Institute of Taxation of Nigeria (CITN), Abbas stressed that Nigeria ranks among the lowest in revenue generation, even within Africa.

“I strongly believe this country cannot move forward if our tax systems remain unchanged. We need comprehensive reforms to boost government revenue and drive national development,” he stated.

The House of Representatives has already taken steps in this direction, passing four executive tax reform bills for second reading.

These bills have now been referred to the House Committee on Finance, which will conduct a public hearing before the end of February. Abbas assured that stakeholders, particularly CITN, would be actively involved in the legislative process.

“The House, in a historic move, unanimously supported the second reading of these tax bills. This marks the beginning of a transformative journey for Nigeria’s economy,” he added.

CITN Advocates for Stronger Tax Policies

CITN President, Samuel Olushola Agbeluyi, reiterated the institute’s commitment to tax reforms, highlighting its role in championing initiatives such as the Finance Act.

He pointed out that despite Nigeria’s vast economic potential, weak tax enforcement has hindered progress.

“With the right approach to taxation, Nigeria can achieve significant economic growth,” Agbeluyi noted.

He also referenced the Nigerian National Petroleum Company Limited (NNPCL)’s past failure to remit profits to the Federation Account, which placed immense pressure on the Federal Inland Revenue Service (FIRS) to sustain national revenue.

The House of Representatives and CITN have pledged to collaborate in ensuring Nigeria’s tax framework is modernized to enhance revenue collection and economic stability.
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