‘Tax Reform Bill Will Reshape Economy’
The President of the Chartered Institute of Taxation of Nigeria ( CITN) Mr Samuel Agbeluyi, has said that the recently drafted tax reform bill, now awaiting final assent from the National Assembly, has the power to transform Nigeria’s economic trajectory and reduce the nation’s over-reliance on volatile oil revenues.
Agbeluyi said this at the Pre-Conference Presidential Chat for the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria, themed: ‘Taxation for Development: Policies, Law and Implementation’, which is scheduled to be held from May 12 – 16, 2025, in Abuja.
Agbeluyi emphasised the urgency of shifting Nigeria’s fiscal strategy towards sustainable and equitable tax practices.
“We cannot continue to rely on oil. The volatility is beyond our control, and the only way forward is to put our destiny in our hands through well-structured tax reform and responsible governance,” he said.
Agbeluyi noted that this year’s conference theme is anchored on creating a tax culture that supports national development, aligning with the institute’s vision of tax as a tool for peace, stability, and growth.
“If you look at tax for development, that’s our focus. We want Nigeria to be great, to lead Africa, and that leadership must be built on a strong and stable economy,” he explained.
The CITN president commended the Federal Inland Revenue Service for exceeding targets in recent years and acknowledged state-level improvements in tax administration.
However, Agbeluyi cautioned that inconsistencies in sub-national tax regimes continue to threaten reform efforts.
“Some states are collecting taxes that are not even in the statute books,” he warned.
He lauded the political momentum behind the new tax bill, describing it as unprecedented in its scope and national relevance.
“This is the most substantial tax reform I have ever seen. “It is not perfect, but it is a giant leap from where we are,” Agbeluyi said.
According to Agbeluyi, the proposed legislation has already passed the House of Representatives and is awaiting concurrence from the Senate.
Agbeluyi urged lawmakers and political leaders to prioritise its passage and implementation.
“It is not going to be implemented, but with sufficient political will, especially at the state and local government levels, we can change the face of Nigeria’s economy,” he said.
Meanwhile, he noted that CITN expects top political leaders, including the President, governors, and ministers, to attend the conference.
Agbeluyi stressed their importance: “We are not politicians. We just want to help the country. Their involvement takes the reform message to where it truly matters.”
“Nigerians are law-abiding. If you collect money from them and use it for the right purposes, they will comply,” he stated.
“Taxation is not punishment—it is a tool for national prosperity,” he affirmed.
Agbeluyi added that the conference will issue a communique to guide future government focus and support long-term national development through effective taxation.
