Dr. Mukail Akinde, a prominent tax professional and Rector of Federal Polytechnic, Ilaro, expressed concern over Nigeria’s tax system, likening it to a kindergarten struggling to keep pace with more advanced economies such as the UK, the US, and even some African counterparts like South Africa and Ghana.
Addressing the 49th induction ceremony of the Chartered Institute of Taxation of Nigeria (CITN) in Lagos, where 1058 tax professionals were inducted, Akinde emphasized Nigeria’s unfortunate position in terms of taxation compared to other nations.
In his keynote speech titled “Navigating the Tax Landscape: A Journey of Tax Professional Excellence,” Akinde highlighted the disparity between Nigeria’s growing Gross Domestic Product (GDP) and the lack of corresponding progress in taxation.
He noted, “While Nigeria’s GDP is rising, taxation is not keeping pace. In Ghana, the growth in the tax rate is positive, but in Nigeria, it is the opposite.”
Akinde stressed that taxation remains a crucial avenue for overcoming Nigeria’s revenue challenges and urged the government to broaden the tax base proactively. He remarked, “Nigerian taxes are like a kindergarten learning to run a marathon in the village, while developed countries like the US, the UK, China, and even developing countries like Ghana and South Africa are sprinting ahead, leaving us behind.”
Criticizing the lack of development in Nigeria’s tax system, Akinde highlighted the issue of the wealthy evading taxes and called for a shift in both taxpayer and tax professional attitudes.
Addressing the newly inducted professionals, he advised them to stay abreast of local and international tax trends.
Mr. Samuel Agbeluyi, President and Chairman of the Council of the CITN, commended the federal government for establishing the Presidential Committee on Fiscal Policy and Tax Reforms. He emphasized the potential of the committee’s outcomes to bridge fiscal policy gaps and strengthen Nigeria’s taxation framework for sustainable economic growth.
Agbeluyi concluded, “The quality of the Quick Win Report of the committee substantiates this position, reflecting a commitment to effective and efficient taxation for the nation’s benefit.”
