President, chartered Institute of Taxation of Nigeria, CITN Dr Olateju Somorin has explained that Nigerian’s tax to GDP ratio currently estimated at seven per cent, makes it difficult for government to moblise N4.8 trillion yearly out of the N5.6 trillion projected value in relation to the 2013 GDP figure of N81 trillion.
He urged the Federal Government to explore opportunities in other sectors outside oil to diversify the economy.
Dr. Somorin, who spoke during the institute’s 34th induction recently in Lagos, said the government’s push for a 20 per cent tax-to-Gross Domestic Product, GDP is achievable, given the country’s inherent opportunities.
“This onerous task falls on professionals who must continually update and display the requisite skill set to offer top notch services to their clients and the general public.
“It is no longer news that marked decreases in oil prices have sent ripple effects on the economy- pressure on external reserves and impact on foreign exchange market, with government resorting to borrow N1.8 trillion to fund part of the 2016 budget,” he said.
Meanwhile a professor of accounting and President, African Accounting and Finance Association, Jane Modupe Ande, has blamed the complicity of tax practitioners for tax evasion in the country.
While urging the newly inducted professionals to make the difference, he said it is obvious that Nigeria can no longer rely on one source of revenue to develop itself, but must tap from the huge potentials in tax that has been exploited by those who do not wish the country well.

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