Tinubu Administration Wants To Revamp Tax System, Not Burden Citizens: Vice President

Vice President Kashim Shettima explained that the President Bola Ahmed Tinubu-led administration wanted to revamp Nigeria's tax system rather than overburden the citizens.

Shettima, who received a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa on Thursday, said Nigerians were not happy with the illegal tax collection happening in the country by non-state actors.

"The focus of the President Bola Ahmed Tinubu administration is not to increase the tax burden on Nigerians but to improve the efficiency of tax collection. That is our fundamental motive," he said, as per the official statement shared on the State House website.

"As you go across every state, you get to at least five or six places where you have to pay all sorts of fictitious taxes that do not get to the pockets of the government."

The vice president highlighted the importance of collaborating with the CITN in order to bring the best international tax practices to the country, noting that "knowledge is not something you can buy in the market square; you have to earn it."

CITN President Samuel Agbeluyi also spoke during the meeting, praising the federal government for addressing the problems of Nigerians, noting that the recent suspension of the Cyber Security Levy was a great example.

Agbeluyi went on to commend initiatives, including unifying exchange rates, attracting foreign investment, establishing the Presidential Committee on Fiscal Policy and Tax Reforms, as well as deploying monetary policy measures to stabilize the naira, combat inflation and recapitalize banks.

"We believe that our collaborative efforts will contribute significantly to the realization of a tax system that is fair, transparent, and capable of driving Nigeria's economic growth and development," he added.

During the meeting, the vice president -- who received the management of the Chartered Institute of Stockbrokers (CIS) led by its 13th President and Chairman of Council Oluropo Dada -- called for the complete overhaul of the system and implementation of innovative measures.

Shettima stressed that everyone in the administration needed to think outside the box to ensure the number of participants in the stock market increases.

"How do you get more youths to be interested in the Nigeria capital market? You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market," he said.

He urged the authorities to "go and put in place structures and a mechanism to checkmate sharp practices in the capital market," adding that it's the time to strengthen internal mechanisms.