The Lagos State Government has said the intention of the federal government to achieve a $1 trillion economy by 2030 can be realised if tax processes and collections are made easier.
The Special Adviser to Lagos State Government on Public-Private Partnerships, Mrs. Bukola Odoe, stated this at the 2024 Annual Workshop/Awards of the Commerce and Industry Correspondents’ Association of Nigeria (CICAN) in Lagos.
Odoe, who was represented by Consultant and Financial Analyst, Lagos State Office of Public-Private Partnerships, Mr Adefisoye Adekunle, while addressing the ongoing discussions surrounding the proposed tax bill in the National Assembly, called for a balanced approach to tax collection.
Such an approach, she added, must foster economic growth and development in a fair and equitable way.
Besides boosting revenue generation, she also believed enhancing tax collection processes would go a long way in contributing to sustainable economic progress and supporting the realisation of national economic targets.
“We need to focus and optimise our collection process, make it simpler, and make it easier in such a way that people with a small phone, Android, can access their tax records and pay without any stress, she added.
She expressed her support for a tax bill that streamlines and updates tax laws, adding that the proposed integration of technology in tax administration would simplify processes and enhance compliance.
In his welcome remarks, the National Chairman of CICAN, Mr. Charles Okonji, expressed concerns on the state of the nation’s private sector and the need to bring to the fore factors hindering its growth.
He described the theme for this year’s event, “Manufacturing: $1 Trillion GDP target by 2030: Realities & Possibilities,” as in tune with the numerous hurdles faced by the industry.
“The ambitious target, however, also raises concerns, especially with the potential disruptions caused by the intermittent changes in government leadership in Nigeria. The lack of sustained policies and strategies across different administrations could impede progress towards achieving such a significant economic milestone by 2030,” Okonji stated.
He also called for stakeholder engagement and collaboration, particularly with CICAN, so as to drive meaningful change within the sector.
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