The Lagos State Government has emphasized the need to optimize the tax collection process to reach the Federal Government’s target of a $1 trillion economy by 2030.
This was stated by Adefisoye Adekunle, Consultant and Financial Analyst at the Lagos State Office of Public Private Partnerships, representing Bukola Odoe, Special Adviser to Lagos State Government on Public Private Partnerships.
At the 2024 Annual Workshop/Awards of the Commerce and Industry Correspondents Association of Nigeria (CICAN), Adekunle stressed the importance of a balanced approach to tax collection, promoting economic growth and development in a fair and equitable manner.
He noted that enhancing tax collection processes boosts revenue generation and contributes to sustainable economic progress.
The consultant explained that simplifying tax collection processes would make it easier for individuals to access and pay taxes using their mobile phones.
He also advocated for streamlining and updating tax laws to ensure taxes are levied appropriately and collected efficiently.
The integration of technology in tax administration would simplify processes and enhance compliance.
Additionally, Adekunle emphasized the significance of automating revenue collection processes in Nigeria and sub-nationally to improve effectiveness and transparency.
He highlighted the importance of non-oil taxes for states lacking control over oil revenue and the need for prudent financial management by states for the benefit of their citizens.
The National Chairman of CICAN, Charles Okonji, expressed concern over the poor health of Nigeria’s private sector, noting that even government interventions have failed to address the challenges.
He highlighted the critical role of production in a nation’s greatness and the need for policymakers and stakeholders to collaborate on effective strategies to rejuvenate the private sector.
Okonji noted that the private sector’s poor health has led to many multinational corporations relocating to neighboring countries due to unfavorable business conditions.
He also pointed out the lack of sustained policies and strategies across different administrations, potentially impeding progress towards achieving significant economic milestones.
Despite these challenges, the CICAN chairman expressed confidence in the capabilities of experts to navigate complexities and drive meaningful change through stakeholder engagement and collaboration while emphasizing the importance of unity and advocacy to drive meaningful change.
The Lagos State Government’s emphasis on optimizing tax collection processes aligns with current efforts to diversify the country’s economy and make it more productive and not completely reliant on oil.
By streamlining tax laws and integrating technology in tax administration, Lagos State aims to boost revenue generation and contribute to sustainable economic progress.
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