Speaking at the 2026 Tax Conference with the theme, “Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future” which is organized by the Chartered Institute of Taxation of Nigeria (CITN), in Abuja, he said the reforms were aimed at building a stronger fiscal foundation for long-term national development rather than increasing taxation.

Oyedele said the country’s previous tax system had been weakened by fragmented administration, multiple taxation, weak compliance and unstable revenues.

According to him,

“Countries that fail to modernise their fiscal frameworks risk losing competitiveness, discouraging investment, widening inequality, and weakening economic resilience. These are risks Nigeria cannot afford to take, and opportunities we cannot afford to lose.”

The minister pointed out that the reforms were designed to simplify taxation, reduce compliance burden, encourage investment and strengthen public trust in government.

He disclosed that minimum wage earners had been exempted from personal income tax, while measures were also being implemented to reduce the burden on low-income earners and improve business competitiveness, among others.

He said,

“Our tax reforms became necessary because, for many years, Nigeria’s tax system suffered from structural weaknesses, from non-harmonised taxes to fragmented administration, scarce and unstable revenues, weak compliance, and high levels of informality.

“Businesses faced numerous impediments from inefficient enforcement and rising compliance costs. Citizens often perceived the tax system as unfair because the burden was unevenly distributed. At the same time, revenues remained insufficient relative to our development targets.

“This model became untenable, and the system was simply unsustainable. The reforms we are implementing are therefore not about additional points of taxation. They are about building a stronger fiscal foundation for long-term national development.”

Oyedele stressed that the government’s approach was guided by a simple conviction that a good tax system should enrich the real economy, support economic growth, protect vulnerable demographics, and strengthen trust between government and citizens.

According to him, the reforms seek to simplify the tax system, improve coordination, reduce disruptions, encourage investment, promote voluntary compliance, and align taxation with productivity.

He said,

“We are moving from a framework driven by discretion and fragmentation to one anchored on clarity, certainty, and fairness.

“We do not operate in isolation. We must remain competitive, and competitiveness today depends significantly on the quality of a country’s fiscal architecture.

This is why our reforms incorporate internationally recognised best practices while remaining sensitive to Nigeria’s realities.”

According to the minister, one of the strongest complaints from businesses had been multiple taxation across different levels of government, adding that the government is working to modernise tax administration, improve coordination, and reduce the burden on taxpayers, especially low-income earners.

He said,

“If our tax system and laws are to facilitate a globally competitive economy, we must continue strengthening implementation across the federation.

“We are grateful to the states that have adopted tax modernisation laws in their various jurisdictions, and we encourage others to do the same sooner rather than later.”

Also, speaking at the conference, Mr. Innocent Ohagwa, president/ chairman of Council, Chartered Institute of Taxation of Nigeria (CITN), described taxation as a central pillar of Nigeria’s transition away from oil dependence.

Ohagwa commended the Tinubu administration, the National Assembly and other stakeholders for delivering the new tax laws, saying the reforms reflected a firm and collective commitment to sustainable economic development.

He urged tax professionals to support implementation of the reforms by promoting transparency, accountability and compliance across the system.

He said,

“As Nigeria shifts from a long-standing dependence on oil toward a more sustainable fiscal model, taxation has rightly emerged as a central pillar of our national revenue strategy.

“CITN has convened this 28th ATC under the theme to provide a critical platform for tax professionals, policy makers, administrators, members of the academia, business leaders and stakeholders-alike to rigorously interrogate the ongoing reforms, evaluate the challenges and identify how best they can strengthen our tax system for long-term sustainability, global competitiveness and enduring fiscal relevance.”

Ohagwa said,

“As tax professionals, our contributions have never been more crucial than now, particularly with reference to Sections Section 33(1) and Section 147 of the Nigeria Tax Administration Act (NTAA) 2025.

“As President of CITN, I call on all members across the public and private sectors to rise to the demands of this moment and support the implementation of the reforms.

“Every CITN member must become a stakeholder of the reform agenda by deepening their technical knowledge, upholding the highest ethical standards and providing sound, objective guidance to taxpayers, institutions, employers and government.”

He said,

“We must firmly reject practices that undermine compliance and instead uphold the principles of transparency, fairness, and accountability in all our engagements. As professionals, we must lead by example by ensuring full compliance with our own tax obligations before encouraging others to do the same.

“CITN stands ready to support the government, including the NRS, State Internal Revenue Services, the JRB, National Tax Policy Implementation Committee, office of the Tax Ombuds and all stakeholders, in achieving the objectives of these reforms.”

Samuel Agbeluyi, president of the Institute, stated at a one-day media workshop for tax and finance correspondents held in Lagos, while urging the government to ensure the effective use of taxpayers’ money for the benefit of the masses.

The tax reform bills before the National Assembly NASS have been generating nationwide debate with stakeholders pitching for and against them.

The four tax reform bills, which were transmitted to the National Assembly by President Bola Tinubu on October 3, 2024, have passed through a second reading despite protests.

Agbeluyi said,

“the institute is closely monitoring and contributing its quota to current activities of the current government as it relates to taxation and fiscal policy modifications.

“It is not in doubt that since its inauguration in May 2023, the current Nigerian government has demonstrated the political will and a strong commitment to overhauling the nation’s tax system, to reduce dependency on oil revenues and promote fiscal stability.”

Agbeluyi commended the work of the Presidential Fiscal Policy and Tax Reforms Committee, which has produced the Economic Stabilisation Bills currently under review by the National Assembly.

He urged “for constructive engagement to ensure they address systemic challenges while fostering a conducive environment for business growth.”

He also emphasised the critical role of the media in driving informed public discourse on tax reforms and fiscal policies.

Speaking at the workshop, Agbeluyi commended journalists for their partnership in advancing public awareness of Nigeria’s tax system, saying that the importance of equipping media practitioners with the tools and knowledge needed to report tax issues professionally and accurately.

Chairman of the Branding, Publicity, and Publications Committee, CITN, Prof. Godwin Oyedokun acknowledged the vital role of the media in shaping public opinion and influencing tax policies.

According to him, this workshop serves as a platform for knowledge sharing, capacity building, and fostering a deeper understanding of taxation. We believe that informed reporting on tax matters is key to driving public awareness and accountability.

The workshop featured sessions on essential topics such as ‘Basic Taxation Terminologies’ by Dr. Ismaila Olotu; ‘Tax Administration and Practice for Beginners’ by Olumide Esan; and ‘Tax Reporting for Media Practitioners’ by Chukwuemeka Eze.

The CITN reaffirmed its commitment to supporting media practitioners and fostering partnerships that advance public understanding of taxation as a critical driver of national development.

The governors made the call at the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Speaking at the conference, Governor Sanwo-Olu who was represented by Mr. Abdul-Kabir Opeyemi Ogungbo, his Special Adviser on Taxation and Revenue, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.

Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore 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. 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.”

The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”

However, Senator Ibikunle Amosun, former Governor of Ogun State, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.

Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.

He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.

While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.

In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.

He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.

The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.

Mr. Shaakaa Chira, the Auditor-General for the Federation (AuGF), said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.

The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

Samuel Agbeluyi, president and chairman of the CITN council, Mr. emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.

Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.

The CITN boss stated further,

“This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.

He said,

“The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”

The Central Bank of Nigeria (CBN) had dissolved the Board and Management of Polaris Bank on Wednesday.

In a statement by Mrs Sidi Ali, Hakama, the acting director of Corporate Communication of CBN, on the Bank’s verified X handle @cenbank directed Mr. Lawal Mudathir Omokayode Akintola, the newly appointed MD/CEO of Polaris Bank to assume his role with immediate effect.

SO, who is Lawal Mudathir Omokayode Akintola?

Lawal Mudathir Omokayode Akintola has a strong educational background that has equipped him with the knowledge and skills to excel in the banking industry. Here are some of his educational qualifications:

He has a Bachelor of Science degree in Accounting from the University of Lagos.

He has a Master of Business Administration degree from the Netherlands Business School.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a member of the Chartered Institute of Taxation of Nigeria (CITN) and the Chartered Institute of Bankers of Nigeria (CIBN).

He is an Alumnus of the Lagos Business School, the Columbia University Graduate School of Business and the University of Oxford.

Career

Lawal Mudathir Omokayode Akintola has a long and successful career in the banking industry, spanning over 25 years.

He has worked in various capacities and sectors, such as corporate and investment banking, treasury, risk management, and business development.

He has also led and executed many strategic projects, initiatives, and transactions that have added value to the organizations he worked for and the customers he served. Here is a summary of his career path:

He started his career in 1998 as a Senior Manager at Prime Merchant Bank, where he was responsible for managing the bank’s treasury operations and foreign exchange dealings.

In 2000, he joined Ecobank Nigeria as a Group Head of Corporate Banking, where he oversaw the bank’s portfolio of corporate clients in various sectors, such as oil and gas, telecommunications, manufacturing, and infrastructure.

In 2003, he moved to Standard Chartered Bank Nigeria as a Regional Executive of Corporate and Institutional Banking, where he led the bank’s business development and relationship management activities in the South-West region of Nigeria.

In 2006, he was appointed as the Executive Director of Corporate and Investment Banking at Sterling Bank Plc, where he was in charge of the bank’s strategic business units, such as corporate banking, institutional banking, project finance, structured finance, and trade finance.

In 2018, he left Sterling Bank to set up Intermediate Equity Partners Limited, a Lagos-based firm that provides advisory and consultancy services to corporate and institutional clients in various sectors and markets.

In 2020, he became the Managing Director/Chief Executive Officer of Fractional Investment Services Limited, a real estate company that offers innovative and affordable housing solutions to Nigerians.

In 2024, he was appointed by the Central Bank of Nigeria (CBN) as the Chief Executive Officer of Polaris Bank, one of the largest commercial banks in Nigeria, with over 300 branches and millions of customers.

He led the successful acquisition and integration of Equitorial Trust Bank by Sterling Bank in 2011, which increased the bank’s assets, branches, and customer base.

He initiated and executed several landmark transactions in the corporate and investment banking space, such as the $1.2 billion MTN Nigeria syndicated loan, the $1 billion Dangote Cement bond issuance, and the $300 million Lafarge Africa rights issue.

He was instrumental in developing and implementing the Sterling Bank’s corporate transformation strategy, which improved the bank’s performance, profitability, and reputation.

He received several awards and recognition for his leadership and excellence, such as the Banker of the Year Award by the Nigerian Leadership Awards, the Most Outstanding Banker of the Year Award by the Nigerian Bankers’ Merit Awards, and the Most Influential Banker of the Year Award by the Nigerian Banking and Finance Awards.

CITN’s chairman for Abuja chapter, Kennedy Iwundu, raised this concern during the CITN Week held in Abuja on Thursday.

He emphasized that the prevailing multiple taxation problem has driven some investors to opt for importation rather than establishing production companies, resulting in adverse effects on the country’s business landscape.

Speaking at the CITN Week, themed ‘Tax Reforms Digitalisation and Its Impact on Doing Business In Nigeria,’ Kennedy Iwundu urged tax professionals to focus on the current tax system and devise effective solutions to be presented for tax reforms.

He highlighted that the existing scenario, where the Federal, State, and Local Government Areas each have an extensive list of taxes and levies, poses a significant hindrance to business growth.

Iwundu stressed that the excessive burden of multiple taxation discourages both foreign and local investments from contributing to the growth of the Nigerian economy.

The complexity of the current tax system, which includes multiple federal taxes such as company income tax and various sector-specific collections, presents a serious challenge for investors, according to the CITN chairman.

In a show of support for the Federal Government’s initiatives, the Chartered Institute of Taxation of Nigeria applauded the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms.

President Bola Tinubu recently signed four Executive Orders, including the suspension of the five percent excise tax on telecommunication services and excise duties on locally manufactured vehicles.

Mr. Samuel Agbeluyi, the President of CITN, expressed high expectations that the committee’s mandate would lead to enhanced revenue collection efficiency, promote transparency, foster a healthy tax culture, and encourage voluntary compliance.

To encourage a favorable business climate and attract foreign and local investments, stakeholders stress the urgency of implementing tax reforms and digitalization to streamline the taxation process and alleviate the burden of multiple taxes on businesses in Nigeria.

As the CITN’s call for action gains momentum, the government’s Presidential Committee on Fiscal Policy and Tax Reforms will be tasked with devising and implementing measures to address the issue of multiple taxation and create a more conducive environment for business growth.

Stakeholders hope that these efforts will foster increased foreign investments and bolster the Nigerian economy in the long run

Tax professionals, who are panellists at the ongoing 25th annual conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, have suggested that the incoming administration should lay their focus on tax harmonising and digitization, security, education, and stakeholder engagement as opposed to tax increment.

They made these suggestions while speaking on the theme, ‘‘stakeholders’ Perspective on Repositioning the African Tax System for Sustainable Revenue Generation: Nigeria as a Case Study.”

The panellists include; Killian Khanoba, partner, Pedabo, Esiri Agbeyi, partner, Private Clients and Family Business Leader, PwC Nigeria, Abdallah Ali-Nakyea, senior lecturer, school of Law, University of Ghana, Zainab Gobir, executive director, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Lolade Ososami, partner, Udo Udoma & Bello Osagie, who moderated the panel.

While Gobir expects diversity in policy-making, Agbeyi emphasised on the need for tax harmonisation, stressing that there are a lot of taxes coupled together, which increased the cost of doing business.

He said the telecom sector has over 40 taxes they pay across different governments, and noted that the right of way charges is also very high.

These situations he said impedes the country’s growth in the digital space and effectively affects financial inclusion.

Killian advised the incoming administration to put an end to the same mistakes that have been repeated for a while and instead look critically at those things affecting the productivity of business and employment generation in Nigeria.

“How do we give a boost to the small and medium scale enterprises so that they can employ more people and give them the opportunity to grow into bigger businesses, who will ultimately contribute to tax generation.” Killian said.

He also highlighted the need to improve on security, stressing that people need to feel secure.

According to Killian, Nigerians need to be educated on voluntary tax compliance, “So the more people are educated, the more likely they are to voluntarily pay taxes without any prompting.”

He also urged the government to employ transparency in dealing with Nigerians, who should have the perception that the government is actually working for them.

“People’s perception of democracy, people’s perception of the effectiveness of governance contributes to compliance with tax and contributes to the tax revenue generation.” Killian said.

He also raised the issue of the 54 different types of taxes in Nigeria, which he said contributes only about 18 percent to the country’s revenue.

“And if you look at the contribution to the tax backstage itself, most of these modern noise taxes I call them that. If you put them all together, they contribute just about 18 percent. So why do we have them yet they create the biggest distortion to the smooth operation of businesses in Nigeria,” Killian said.

Finally, the tax professionals highlighted the need to standardise the tax processes across authorities, and advised the incoming government to find possible ways to consolidate the country’s taxes, in order to simplify the process of tax compliance and digitalize the tax environment.