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Business News of Monday, 13 June 2022


CITN hopeful of economic growth amid rising inflation

The Chartered Institute of Taxation of Nigeria (CITN), has expressed optimism on improved growth in Nigeria’s economy in spite of the rising inflationary challenges.

In March 2022, inflation rose to 18.17% from 17.33% recorded in February 2022.  This represents 0.82% points higher than the February figure, according to the Consumer Price Index report released by the National Bureau of Statistics.

Despite this trend, the President of CITN,  Adesina Adedayo maintained that Nigeria’s economy was on the path to growth across all indices, with the right policies in place and well implemented.

Adedayo who was speaking at the institute’s Annual General Meeting, AGM noted that circumstances around the economy has a major influence on the growth and development trajectory of the institute.

He stated that in spite of economic challenges, the institute was fixed on becoming one of the foremost professional institutions in Africa and beyond, hence its appreciable strides in the year under review.

Adedayo listed part of the institute’s achievements in the year as meeting and forging strategic partnerships with key stakeholders and relevant government agencies, including Federal Inland Revenue Service, State Revenue
Authorities, Action Aid and regional and international professional bodies, amongst others.

He said, “The institute’s views and opinions on tax matters remained widely respected and sought after by the government and other stakeholders in the Nigerian tax system”.

Earlier, the Treasurer of the institute, Simon Kato, stated that the institute recorded an operating surplus of N145 million, representing an increase of 28.82 per cent as against N113 million recorded in 2020.

He said that the institute’s total assets had improved from N1.56 billion to N1.824 billion between 2020 and 2021.

Kato commended members and other stakeholders for their commitment and role in the institute’s performance.