News on proposed taxation bill has enough to change Nigeria’s fortune, says CITN Boss

 The proposed taxation bill in Nigeria has been touted as a game-changer by the President of the Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi. According to him, the bill has the potential to transform the Nigerian tax space and address systemic challenges that have hindered the effectiveness of the tax system.

The bill aims to harmonize Nigeria's complex tax system, end multiple taxation, increase revenue generation, and lower borrowing. It also seeks to establish clearer frameworks for tax administration and create bodies like the Tax Appeal Tribunal and the Office of the Tax Ombudsman.

Agbeluyi emphasized that the bill is necessary to get Nigeria's economy back on track, diversify the country's revenue base, improve tax compliance, and support economic growth. He also encouraged stakeholders to base their assertions on facts and figures rather than sentiments.

However, the bill has generated controversy and pushback from some stakeholders, including governors of different states and northern leaders. The Senate has directed its Committee on Finance to pause further deliberations on the bill pending the outcome of a high-level meeting with the Attorney General of the Federation.