The federal government has been advised to focus on the taxation of consumption rather than production in order to enable the Nigerian economy to develop and
One other way of tackling the issue as well as easing the process of tax payment, they said, is for the tax authorities to explore the advantages of a single tax collection agency for the Federation and the States, respectively.They stressed the need to increase the number of individuals and citizens in the tax net rather than increasing the tax rate.
They mentioned that one of the objectives of the Finance Act 2023 is climate change/green growth, and Nigeria has the goal to go green by 2060. They further said future Finance Acts should be tailored towards enabling fiscal measures that align with the AfCFTA’s goal of encouraging trade in Africa. In terms of policy directives, the panellists said, the success of the Road Infrastructure Investment Tax Credit Scheme’s model could be replicated in other important sectors of the Nigerian economy.
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