Nigeria’s Tax System Must Align With Global Best Practices — Expert

Nigeria’s Tax System Must Align With Global Best Practices — Expert

By Rotimi Agboluaje

A tax expert and auditor, Olayinka Oyebola, has called for the urgent transformation of Nigeria’s tax system to align with global best practices, stressing that such reforms are essential for economic growth, improved compliance, and sustainable development.

Oyebola made the statement during the 28th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), held at the Bola Ahmed Tinubu International Conference Centre in Abuja. The conference, themed “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future,” brought together stakeholders from the public and private sectors to discuss the future of taxation in the country.

According to Oyebola, Nigeria must modernise its tax administration framework to meet international standards and remain competitive in the global economy. He explained that an efficient and transparent tax system would not only improve government revenue but also boost investor confidence and encourage economic stability.

He further noted that taxation remains a major tool for national development, as governments rely on tax revenues to fund infrastructure, healthcare, education, and other public services. However, he pointed out that for citizens to willingly comply with tax obligations, the system must be fair, transparent, and easy to understand.

The expert also emphasised the importance of professionalism and ethical conduct among tax practitioners. He warned against unethical practices that could undermine public trust in the tax system and damage the reputation of the profession. According to him, tax professionals must continually improve their knowledge and adapt to changing global trends in taxation and financial regulation.

Oyebola stated that Nigeria possesses talented and highly skilled tax experts who are capable of competing internationally. Nevertheless, he maintained that the country must strengthen its institutions and implement reforms that reflect global standards and technological advancements.

Meanwhile, the Federal Government has continued to pursue tax reforms aimed at simplifying tax processes, reducing multiple taxation, and improving transparency in revenue administration. Government officials believe the reforms will help position Nigeria’s economy for long-term growth while creating a more business-friendly environment.

Stakeholders at the conference agreed that achieving a globally competitive tax system would require collaboration between government agencies, tax professionals, businesses, and citizens. They stressed that consistency in policy implementation and public awareness would play a key role in the success of ongoing reforms.

As Nigeria continues to seek sustainable sources of revenue beyond oil, experts believe that building a modern and efficient tax system will remain critical to the country’s economic future.