Nigeria needs right tax policies for development – CITN

The President of the Chartered Institute of Taxation of Nigeria, Mr Adesina Adedayo, has said that Nigeria needs the right tax and fiscal policies to develop economically.

He spoke during a press briefing ahead of its 25th annual tax conference scheduled to take place in Abuja with the theme, ‘Nigeria of the future: Achieving sustainable development through taxation’.

Adedayo said, “For Nigeria to effectively develop economically, we must get our tax and fiscal policies right. And I believe that it is only through critical thinking and effective harmonisation of same that we as professionals can help government to navigate through all these.

“Therefore, this conference provides an opportunity for all Nigerians to gather, think and deliberate on actionable strategies to secure a future for Nigeria that grantees sustainable development through effective taxation.”

As a nation, he said, the country was confronted by several economic challenges that challenged its corporate existence.

Commodity prices, the report said, are expected to fall by 21% in 2023 relative to last year.


“Energy prices are projected to decline by 26per cent this year. The price of Brent crude oil in U.S. dollars is expected to average $84 a barrel this year-down 16per cent from the 2022 average. European and U.S. natural-gas prices are forecast to halve between 2022 and 2023, while coal prices are expected to decrease 42per cent in 2023. Fertilizer prices are also projected to fall by 37per cent in 2023, which would mark the largest annual drop since 1974. However, fertilizer prices are still near their recent high last seen during the 2008-09 food crisis,” said the statement announcing the report.

The World Bank’s Deputy Chief Economist and Director of Prospects Group, Ayhan Kose, said: “The decline in commodity prices over the past year has helped reduce global headline inflation. However, central bankers need to remain vigilant as a wide range of factors, including weaker-than-expected oil supply, a more commodity-intensive recovery in China, an intensification of geopolitical tensions, or unfavorable weather conditions, could push prices higher and reignite inflationary pressures.”

The report said prices of all major commodities will remain well above their 2015-2019 average levels.

“Metal prices, which increased slightly early in the year, are expected to fall by eight per cent relative to last year, primarily because of weak global demand and improved supplies,” said Valerie Mercer-Blackman, Lead Economist in the World Bank’s Prospects Group. “In the longer term, however, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel.”