The Executive Chairman of the Kaduna State Internal Revenue Service (KADIRS), Dr. Muhammad Lawal, has said effective tax reform and improved revenue generation are key to expanding Nigeria’s fiscal space and accelerating economic growth.
Dr. Lawal stated this while delivering the keynote address at the 3rd Annual International Conference on Accounting Development, organised by the Department of Accounting, Ahmadu Bello University (ABU), Zaria, with the theme, “Strengthening Financial Integrity, Accounting, Taxation and Governance for Sustainable Development.” The conference was held at the CBN Centre of Excellence, Ahmadu Bello University, Zaria.
He said the theme of the conference was particularly relevant to the current situation in Nigeria, especially as the country is undergoing significant tax reforms aimed at strengthening revenue generation and improving the nation’s fiscal position.
According to him, increased revenue generation would enable government to invest more in public goods and services, which would in turn attract investment, stimulate economic growth and expand industries, ultimately generating more revenue for government.
Dr. Lawal described the relationship between revenue generation, public investment and economic growth as cyclical, stressing that getting the country’s tax system right would contribute significantly to sustainable economic development.
The KADIRS chairman explained that before the ongoing reforms, Nigeria’s tax and revenue system was complicated by the multiplicity of tax laws and revenue-related legislation, as well as a complex administrative structure.
He said the ongoing reforms had simplified the system by consolidating the numerous laws into a compendium containing four major areas covering the types of taxes payable, how the taxes are collected, the institutions responsible for collection and the regulation of the entire tax system.
Dr. Lawal also highlighted the introduction of the tax ombudsman as a new mechanism for addressing certain tax-related complaints, describing it as an additional layer to the existing Tax Appeal Tribunal.
He said the government was also implementing other reforms around fiscal responsibility and budgeting, which he believed would contribute to building a more effective and transparent financial system.
Also speaking at the conference, the second lead paper presenter, Professor Kabir Hamid Tahir of the Department of Accounting, Bayero University, Kano, called for the integration of Nigeria’s financial integrity institutions to enable them to work together, securely exchange data and use such information to accelerate national development.
Professor Tahir said the focus of financial integrity institutions should go beyond mere compliance to achieving measurable results and creating positive impacts on the economy, society and the environment.
He urged the government to adopt a holistic approach to addressing financial integrity challenges in the country, stressing the need for stronger inter-agency collaboration among institutions responsible for maintaining financial integrity.
He also called on universities to strengthen their contribution to financial integrity through teaching and research, urging academics to conduct research that directly addresses challenges confronting government institutions and policymakers.
He said research findings should not remain confined to university libraries but should reach policymakers and be translated into policies capable of improving the country’s financial system.
Earlier, the Chairman of the International Conference on Accounting Development, Dr. Isa Shitu, said the conference was organised to bridge the gap between academia and industry by creating a platform for academics and practitioners to exchange knowledge and develop practical solutions to economic challenges.
Dr. Shitu disclosed that more than 100 papers had been submitted for presentation at the two-day conference, with participants expected to discuss the papers extensively and develop policy implications from the presentations.
He urged participants to use the opportunity to showcase their research, receive constructive criticism from reviewers and strengthen the connection between accounting theory, professional practice and policymaking.
The conference, which brought together academics, accounting professionals, tax administrators, researchers and other stakeholders, is aimed at strengthening financial integrity, accounting practice, taxation and governance as tools for sustainable national development.
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