Tax payment not a burden but an investment in Nigeria’s future – Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu has highlighted the critical role of a robust tax system in overcoming Nigeria’s economic challenges and fostering sustainable growth.

Sanwo-Olu who was represented by his Special Adviser on Taxation and Revenue, Abdul-Kabir Ogungbo said this at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria, held at the Abuja Chamber of Commerce, International Trade and Convention Centre on Wednesday.

Emphasising the theme “Sustainable Tax Culture and Economic Roadmap for Nation Building,” he called for transparency, accountability, and efficiency in tax administration, urging a shift in perspective to view tax payment not as a burden but as an investment in Nigeria’s future.

“Building a sustainable tax culture, requires concerted efforts on the part of the government, to be transparent, accountable, and efficient in tax administration. Because taxpayers need to see that their contributions are being used effectively for public services and infrastructural development,” he said.

“On the part of the taxpayer, there is need to be a shift in mindset. Paying taxes should not be seen as a burden but as an investment in our collective future. We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come,” he added.

The governor stated that a clear economic roadmap aligned with developmental ideologies is important to incentivise investment, job creation, and economic diversification.

“We need a tax system that incentivizes investment, job creation, and economic diversification. We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive,” he said.

He praised recent efforts by the government to streamline state-level taxes and integrate the remote workforce into the tax net as steps in the right direction.

Sanwo-Olu expressed confidence that the CITN’s commitment to professional excellence and education would contribute significantly to a fair and efficient tax system, propelling Nigeria towards shared prosperity.

“The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives,” he noted.

Sanwo-Olu commended the CITN for its dedication and wished all participants a successful and engaging conference.