Insecurity, CITN says Nigeria losing revenue

The Chartered Institute of Taxation of Nigeria (CITN) said that the challenges of security crisis in northern states could affect the country’s revenue target for the year. Mr Sunday Jegede, the President of the institute said in Lagos that the conflicts had distorted business activities in the region.
This, he said, would consequently affect the revenue pool of the country negatively. He said that business activities in the region had contributed to the nation’s income especially through taxes. Jegede said that urgent solution should be proffered to the crisis if the Federal Government was to achieve its economy development drive through efficient tax system.
“Because the country’s development drive is dependent on efficient tax system, especially in an era when earnings from oil is failing. All the states of the federation can also survive on Internal Generated Revenue (IGR) if there is complete sanity in the system.’’ The CITN President said that N1.254 trillion was generated between January and April in 2011 as against N2.93 trillion collected in the whole of 2010.