Institute Welcomes New Members into the Taxation Profession
The Chartered Institute of Taxation of Nigeria (CITN) recently inducted 1,435 new members, a significant milestone that highlights the growing importance of tax professionals in managing Nigeria’s fiscal challenges. Mr. Enyinnaya Abaribe, Senator for Abia South Senatorial District, addressed attendees as the guest of honor, urging the institute to act as the conscience of Nigeria’s tax system and ensure accountability in every kobo paid by citizens.
Tax System as a Pillar for National Development
During the 54th induction ceremony held in Abuja, Abaribe underscored the importance of a robust tax system as the foundational element of Nigeria’s development, particularly with the anticipated implementation of the new tax law in January 2026. Accompanied by Senator Sunday Katun, who represents Kaduna South, Abaribe explained that the reforms are designed to broaden the government’s revenue base. He emphasized that every naira collected should contribute towards enhanced infrastructure, education, and healthcare for Nigerians.
New Tax Reforms Emphasize Fairness and Simplicity
Abaribe described the upcoming reforms as a recipe for significant change in the country’s tax landscape. The legislation aims to raise the tax-exempt threshold for personal income to 800,000 naira and introduce a 4% development tax to replace the multiple tax systems currently in place. According to him, these changes will allow small and medium-sized enterprises, especially in regions like Aba, Onitsha, and Kano, to thrive in a more supportive tax environment.
Upholding Accountability in Taxation
Abaribe’s message to the new Chartered Tax Practitioners was clear: they must serve as the moral backbone of Nigeria’s tax system. He urged them to demand accountability and transparency, stating that good laws are ineffective without the proper enforcement. As public perception of taxes often skews negative, it’s vital for practitioners to educate both the public and businesses about the new tax regulations.
The Role of the CITN Council in Navigating Change
In his remarks, Mr. Innocent Ohagwa, Chairman of the CITN Council, emphasized that Nigeria is at a pivotal moment due to the enactment of the Tax Reform Act. This legislation reflects years of dedicated advocacy by the institute. Ohagwa stressed the necessity for members, particularly practicing professionals, to elevate their competencies and adhere to ethical standards, indicating that technical proficiency is now essential for recertification purposes.
Opportunity for New Tax Professionals
Mr. Ohagwa pointed out that now is an opportune time to enter the tax profession, as there is a burgeoning need for expertise. Individuals and businesses nationwide seek clarity amid changes in the tax framework and require guidance from professionals who not only understand the law but can also apply it with integrity. He noted that the responsibility for shaping the future of Nigeria’s tax system largely lies with the new inductees.
Preparing for Transition and Reform in Tax Administration
During the ceremony, Sanni Yemi, Chairman of the Membership and Professional Conduct Committee, addressed the new members about the transformative phase the taxation system is about to enter. The comprehensive tax reforms, which include a new administrative framework, aim to harmonize tax laws while restructuring tax authorities. He emphasized that while reform is crucial, its success hinges on the active involvement of tax professionals in facilitating an efficient system, safeguarding businesses, and enhancing the country’s overall fiscal health.
