• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 31, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

N10trn Budget Deficit: Experts Seek Tax Reforms To Rejig Nigeria’s Economy

by Bukola Idowu
2 years ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

The federal government has been advised to focus on the taxation of consumption rather than production in order to enable the Nigerian economy to develop and check inflation.

The admonition was given by panellists at the DETAIL Tax Business Series on the theme: ‘Finance Act 2023: Implications on the Tax & Fiscal Outlook for the New Administration and the Economy.’

This is coming as Nigeria’s economy currently operates at a deficit of over N10 trillion due to lower income generation with debt servicing and recurrent expenditures taking a huge chunk of the annual budget.

The DETAIL Tax Business Series panel session was moderated by Anthony Ezeamama, Associate Partner at Detail Commercial Solicitors, and featured Esiri Agbeyi, Partner PwC Africa & Family Business Leader, and Ajibola Olomola, Partner and Head Deal Advisory, M&A, Tax, KPMG Nigeria.

RELATED

Abiodun Donates 25 Patrol Vehicles To Police

Major Road Constructions Excite Ogun Residents

1 hour ago
UI VC Underscores Staying Connected With One’s Roots

UI VC Underscores Staying Connected With One’s Roots

3 hours ago
ADVERTISEMENT

With business owners lamenting how multiple taxation is crippling their businesses that are already grappling with issues of infrastructural decay, insecurity, epileptic power supply and foreign exchange shortage, the panellists urged the Federal Government and tax authorities to reduce or consolidate the existing tax laws as a way of tackling the issue of multiple taxation.

One other way of tackling the issue as well as easing the process of tax payment, they said, is for the tax authorities to explore the advantages of a single tax collection agency for the Federation and the States, respectively.

This, according to them, has been successfully implemented in Kaduna State.

ADVERTISEMENT

They stressed the need to increase the number of individuals and citizens in the tax net rather than increasing the tax rate. To do this, tax authorities should focus on taxation of persons in the informal sector and unregistered businesses, and there should also be greater collaboration amongst the authorities, they said.

At the same time, the panellists said, there was a need for re-orientation of citizens, even at the family level, to encourage tax payment. On the Finance Act 2023, the experts said, it has introduced roll-over relief on disposal of shares under the Capital Gains Tax Act.

They mentioned that one of the objectives of the Finance Act 2023 is climate change/green growth, and Nigeria has the goal to go green by 2060. They further said future Finance Acts should be tailored towards enabling fiscal measures that align with the AfCFTA’s goal of encouraging trade in Africa.

Before now, the definition of “buildings” under the Value Added Tax Act (“VAT Act”) included “towers” or “masts” for network operators, but the experts said this has been amended such that VAT will now apply on transactions relating to towers or masts.

In terms of policy directives, the panellists said, the success of the Road Infrastructure Investment Tax Credit Scheme’s model could be replicated in other important sectors of the Nigerian economy.

They also called on the federal government to clarify the policy framework on cryptocurrency to enable it to benefit from the billions of US dollars cryptocurrency transactions undertaken by Nigerians on a regular basis.

The DETAIL Tax Business Series took place on 25 July 2023 at DCS Place, Lagos. It was organised by DETAIL, Nigeria’s first commercial solicitor firm to specialise exclusively in non-courtroom practice.


Join Our WhatsApp Channel



SendShare10170Tweet6357Share
ADVERTISEMENT
Previous Post

Persons With Disabilities Seek Special Agency

Next Post

Dangote Inducts Youth In Technical Skills Acquisition

Bukola Idowu

Bukola Idowu

You May Like

Abiodun Donates 25 Patrol Vehicles To Police
News

Major Road Constructions Excite Ogun Residents

2025/08/31
UI VC Underscores Staying Connected With One’s Roots
News

UI VC Underscores Staying Connected With One’s Roots

2025/08/31
Sanwo-Olu Congratulates Yoruba People On Isese Day Celebration
News

We’re Raising Leaders Who’ll Rise Above Self-interests, Says Sanwo-Olu

2025/08/31
LASG Partners Firm On Digital Teaching To Transform Public School Education
News

LASG Backs WBFA’s School Hygiene Drive To Combat Infectious Diseases

2025/08/31
Oluwo Of Iwo
News

MURIC Condemns Attacks On Oluwo

2025/08/31
24,000 Missing Persons Registered On ICRC Tracking List In Nigeria – Official
News

Red Cross Urges Sustained Search For Missing Persons

2025/08/31
Leadership Conference advertisement

LATEST

Driver Lands In Police Net Over ‘Fake’ N1m Currency In Oyo

Major Road Constructions Excite Ogun Residents

2027: We Must Close Ranks, Mobilise Support For Tinubu – Aiyedatiwa

UI VC Underscores Staying Connected With One’s Roots

We’re Raising Leaders Who’ll Rise Above Self-interests, Says Sanwo-Olu

LASG Backs WBFA’s School Hygiene Drive To Combat Infectious Diseases

MURIC Condemns Attacks On Oluwo

Red Cross Urges Sustained Search For Missing Persons

Kaduna Govt Dredges River Kaduna To Tackle Flood

North-East Governors Tackle Insecurity, Poverty At Jalingo Meeting

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.