Business

CIBN canvasses tax expansion to improve revenue

The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State chapter has suggested the restructuring of existing systems for tax expansion to improve the nation’s domestic revenue and tackle debt.

The institute stated that Nigeria’s financing requirements need improved domestic revenue collection. Branch Chairman, CIBN, Peter Ashade, said this at the institute’s yearly general meeting.

He stressed the importance of a solid financial sector to achieve growth and development, adding that the banking industry plays an important role in implementing economic policies.

Noting that financial institutions were integral parts of any economy, he said seamless functioning of the banks was important for the economy to grow.

Ashade, however, noted that due to the advent of digital technology, banking and financial services have undergone a massive shift in their mode of operations.

He said new trends were gaining momentum at a faster pace as customers find it convenient and also flexible at the same time.

“All these trends will reshape the banking and finance industry by bringing revolutionary changes in the traditional models. This shift is not without challenges, but the customers are quite open to digital innovations and the government is also showing great support for these new norms,” he said.

According to him, Nigeria’s economy entered a recession in 2020 reversing three years of recovery due to fall in crude oil prices on account of falling global demand and containment measures to fight the spread of COVID-19.

The containment measures mainly affect aviation tourism, hospitality restaurants, manufacturing and trade. Overall real GDP is estimated to have shrunk by three per cent in 2020.

He said the CIBN has leveraged e-learning capabilities to increase students involvement, adding that the chapter has commenced action to build a five- storey new office.

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