Nigeria’s Growth Stalled By Poor Revenue Generation – Speaker Abass

…Speaker Abass says urgent tax reforms needed to boost development

The Speaker of the House of Representatives, Dr. Tajudeen Abass, has identified poor revenue generation as a key factor hindering Nigeria’s economic progress, stressing that the country cannot achieve meaningful development under its current tax system.

Speaking in Abuja on Thursday during a courtesy visit by the leadership of the Chartered Institute of Taxation of Nigeria (CITN), Abass lamented that Nigeria ranks among the lowest in Africa in terms of revenue collection. He attributed this to the failure of successive governments to implement comprehensive tax reforms necessary for economic growth.

He revealed that the House of Representatives had, in a historic move, passed for second reading the four tax reform bills submitted by President Bola Ahmed Tinubu, GCFR. According to him, all relevant stakeholders, including CITN, would be fully engaged in the legislative process ahead of a public hearing scheduled before the end of February.

“The House, just yesterday, in an unprecedented manner, passed for second reading the four tax bills submitted by Mr. President, with overwhelming support. This milestone paves the way for us to shape Nigeria’s financial future,” Abass stated.

“I firmly believe that Nigeria cannot progress if our tax system remains the way it is. We need comprehensive reforms to enhance government revenue and drive national development.”

The Speaker emphasized that the objectives of CITN align with the 10th House Legislative Agenda, assuring the institute of strong legislative collaboration to elevate Nigeria’s financial stability.

The visit, he noted, came at a critical time when the House was prioritizing taxation. “I assure you that we will work together in the best interest of Nigeria,” he added.

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Earlier in his remarks, CITN President, Mr. Samuel Olushola Agbeluyi, highlighted the institute’s legacy of championing tax reforms over the past 42 years. He disclosed that CITN, with over 30,000 members and 48 district societies—including two international branches in the US and UK—plays a major role in tax administration, especially within the Federal Inland Revenue Service (FIRS).

Agbeluyi recalled how CITN spearheaded key reforms such as the Finance Act, which was signed into law by former President Muhammadu Buhari. He also noted how revenue leakages, particularly the Nigerian National Petroleum Company Limited (NNPCL)’s failure to remit profits to the Federation Account, have placed undue pressure on FIRS as the country’s primary revenue generator.

“If we embrace the right tax culture and attitude, Nigeria has the potential to achieve greatness,” Agbeluyi asserted.

He added that the visit was aimed at strengthening CITN’s partnership with the House of Representatives to advance taxation reforms and fiscal sustainability in Nigeria.