Business
LCCI Seeks Disengagement Of Tax Consultants
The Lagos Chamber of Commerce and Industry has urged government at all levels to stop the use of tax consultants.
The body said the device had been adding to the liabilities of tax payers since tax consultants were paid on commission basis.
The president, LCCI, Chief Solomon Onafowokan, stated this during a tax awareness seminar for business, organised by the Federal Inland Revenue Service, in conjunction with Toki Mabogunje and Co in Lagos on Wednesday.
Onafowokan said, “There should be more incentives for investors, especially in the growth sectors of the economy, such as manufacturing, agro-allied industries, and mining.
Tax is a potent tool of incentives to business. “The use of tax consultants by the various governments should be discontinued, because these consultants are paid on commission basis. They are more interested in building up the tax liabilities of the tax payers, sometimes without justification.
He added, “let me reiterate the fact that as business people, we believe that a critical corporate responsibility for us is the discharge of our tax obligations. But this should be done in line with tenets and norms of good tax system. Some of these norms include certainty, clarity, equity, fairness, flexibility and economic efficiency.”
According to Onafowoka, there should be more emphasis on Indirect taxes, as against direct taxes. He added that an informal sector business dominated economy, like Nigeria, should adopt indirect taxes, which he considered an efficient systems of taxation than direct tax.
Speaking in the same vein, the chairperson, FIRS, who was represented by the Acting Co-ordinating Director, Tax Operation Group of the organisation, Dr Joseph Okpara, said Nigeria operated a tripartite tax administration system; from federal, state to local government level.
She said Taxation Act No 21 of 1998 listed approved list of taxes to be paid to the government coffers at the federal level to include petroleum profit tax, capital gains tax from companies and company’s income tax among others.
She said tax payable to the state governments included personal income tax; stamp duties; capital gains tax; pools, betting and lotteries, gaming and casino taxes, road taxes; business premises registration and development levy among others.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
