The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called on the Chartered Institute of Taxation of Nigeria (CITN) to intensify its efforts in uncovering tax evaders, both individuals and corporate entities, who are hindering Nigeria’s economic growth.
Speaking in Abuja during a courtesy visit from the CITN management team led by its President, Mr Samuel Agbeluyi, Olukoyede stressed the need for deeper research into tax evasion and avoidance.
He emphasised that exposing those avoiding taxes would help boost Nigeria’s revenue base.
“There is a need for us to conduct more research. If you compare the percentage of people paying tax in Nigeria to our GDP, it becomes evident that more needs to be done for the government to generate adequate revenue. Exposing sectors that evade taxes will reveal just how much revenue we are losing,” Olukoyede said.
He pledged that the EFCC would not relent in pursuing tax evaders and promised to work closely with the CITN to identify and prosecute those failing to remit their taxes.
Olukoyede also pointed out that taxation has now surpassed the oil and gas sector as the largest source of government revenue. “Taxation has become a major source of revenue, probably the largest now, overtaking oil and gas. It’s encouraging to see that taxation is now being offered as a course of study in tertiary institutions,” he added.
The EFCC Chairman highlighted the agency’s commitment to tackling tax fraud, noting that the Commission has a dedicated section for addressing tax-related crimes. Through this unit, the EFCC has recovered billions of naira for the government through investigations and prosecutions of tax fraud.
He reassured the CITN delegation of the EFCC’s commitment to strengthening collaboration, particularly through the Special Control Unit against Money Laundering (SCUML).
In response, CITN President Mr Samuel Agbeluyi expressed the Institute’s desire to build stronger alliances with strategic stakeholders, both within Nigeria and internationally, to tackle issues related to tax crimes, money laundering, and terrorism financing.
He commended the EFCC for its recent public-private dialogue forum aimed at improving anti-money laundering and counter-terrorism measures.
Agbeluyi also proposed the formation of a technical committee comprising members from both the CITN and EFCC to continuously engage in identifying tax crime vulnerabilities and developing strategies to curb tax evasion.
The visit signifies a renewed commitment from both the EFCC and the CITN to combat financial crimes and enhance Nigeria’s tax revenue system through close collaboration and strategic initiatives.
