CITN, ANAN ask FG to explore natural gas to fund budget, boost revenue

The Chartered Institute of Taxation of Nigeria (CITN) and the Association of National Accountants of Nigeria (ANAN) have urged the federal government to explore the abundant gas potential to fund the 2024 budget and also boost its revenue drives.

The organisations gave the charge on Friday in Abuja during a hybrid workshop titled, ‘The Budget of Renewed Hope: Analysing the Hope and Future Benefits for the Citizen’.

Speaking at the event, the President and Chairman of Council ANAN, Dr James Ekerare Neminebor, noted that in the case of budget, revenue is the most important thing and which governments must handle with utmost responsibility.

“Where revenue is well sourced, the budget heads will have enough to be allocated. Here in Nigeria, we are leaving so many things unattended. We emphasize solely on crude oil. In the case of gas, the gas industry is not properly attended to,” Neminebor said.

He said the federal government should invest in gas, and properly take a serious hold on solid minerals to expand the revenue base, which will give Nigeria enough revenue and will make adequate allocation.

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He also commended the provision of the student loan scheme in the 2024 budget, saying it is a way of bringing human capital development to the country.

On his part, Mr Samuel Agbeluyi, the President and Chairman of Council CITN, noted that while the accountants will handle and keep the money, the tax professionals will collect the revenue.

He said, “We also want to commend the proposal on the credit policy that the government is introducing from 2024. This is important because in any developed country, you don’t necessarily need to have the cash before you embark on a project.”

The CITN boss also urged elected leaders to stop frivolous foreign trips and stay at home to do the job they were elected for.

He said, “Our leaders need to stay more in this country. We shouldn’t be seeing our leaders in Dubai, in London. This is the country where the citizens have elected you to lead, either at federal, state or local governments. Can you please stay in this country and save the dollar from terrorizing the naira?”