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The Chartered Institute of Taxation of Nigeria (CITN) has expressed concern over the country’s low tax revenue ratio to gross domestic product (GDP). The GDP-tax ratio in Nigeria is one of the lowest as compared to other African countries
The Chartered Institute of Taxation of Nigeria (CITN) has expressed concern over the country’s low tax revenue ratio to gross domestic product (GDP). The GDP-tax ratio in Nigeria is one of the lowest as compared to other African countries.
President of the CITN, Adesina Adedayo, identified challenges Nigeria was facing stemming from declining revenue from crude oil sales, the depreciating value of the naira, the rising debt burden and increasing government spending, among others. He underscored that those were affecting Nigerians’ corporate existence.
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The CITN chief highlighted the need for improving the GDP -tax ratio to an appreciable level to generate resources from within the country to fund development projects.
