By Milcah Tanimu
The October 2023 National Tax Conference in Lagos convened fiscal policy experts and scholars to tackle Nigeria’s low tax revenue challenges. With a low tax-to-GDP ratio of approximately 10.8%, Nigeria faces an overreliance on borrowing to fund public spending. The conference, themed “Nigeria Tax Reform: Challenges & Prospects,” aims to address this issue. The conference, organized by Okwudili Ijezie & Co. (Chartered Accountants), is part of their Corporate Social Responsibility (CSR) activities. It’s seen as a vital effort to help Nigeria generate more revenue internally, especially in light of the Fiscal Policy & Tax Reforms Committee’s goal to achieve an 18% tax-to-GDP ratio in the next three years. The conference touched on the importance of effective tax collection, creating a conducive business environment, and ensuring accountability and transparency to boost tax morale and revenue. The event also featured calls for improved tax administration and enforcement and exploration of new opportunities for generating internal revenue. The next edition of the National Tax Conference is scheduled for December 12, 2023, with a focus on tackling tax evasion in Nigeria.
