Business
CITN Partners ICPC To Curb Tax Evasion
The Chartered Institute of Taxation of Nigeria (CITN) says it has signed a Memorandum of Understanding (MoU) with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to curb tax evasion in the country.
Its President, Mr Ikemefuna Ede, made the disclosure on Thursday, saying that the objective was to enhance capacity development of officers of the commission.
Ede said that continuous training and capacity building were important elements in building strong institutions and should be encouraged by all organisations.
“The objective is aimed at equipping the ICPC officers with the required knowledge needed to fight corruption and tax evasion in the tax sector,” he said.
Ede reiterated the commitment of CITN toward ensuring the immediate implementation of the terms of the MoU.
He, however, noted that tax evasion was a form of corruption which if allowed to thrive unabated, would spell doom for the continuous existence of Nigeria.
Ede blamed the rampant tax evasion in the country to weak taxation system, which he said was fixable by the government.
He noted that the dynamics of government revenue generation showed that taxation remained a major stabilising factor of the global polity.
Ede called for more stringent application of the nation’s tax statute by tax authorities against tax defaulters and also against entities that have statutory duties to remit taxes.
“Taxation is a tool for economic management and development and should support sustainable growth and infrastructure development at all times.
“Payment of taxes is a civic responsibility of all legible tax payers and evasion of taxes is tantamount to depriving the economy of its sustainable means of economic development.
“Tax evasion is a major bane in the tax system; it is also a criminal offence and should be strongly decried.
“Of course, it will lead to tangible economic loss more so as revenue from oil is no longer stable.
“It behooves on the government to restructure the tax system such that every legible tax payer will be compelled to pay tax as and when due,” Ede said.
Commenting, , the Acting Chairman of the ICPC, Dr Musa Abubakar expressed his delight on the signing of the MoU.
Abubakar said that the CITN was a reliable institution which was uniquely positioned to offer training to ICPC officers in the area of investigating and prosecuting tax evaders.
He also expressed optimism that a well packaged training programme would go a long way in enhancing the performance of its officers thereby enhancing the activities of the commission.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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