By Faridat Salifu
The Chartered Institute of Taxation of Nigeria (CITN) and the Association of National Accountants of Nigeria (ANAN) have called on the federal government to explore the abundant potential of natural gas in funding the 2024 budget and enhancing its revenue generation.
At a hybrid workshop themed: “The Budget of Renewed Hope: Analysing the Hope and Future Benefits for the Citizen”, held in Abuja recently, the two organizations stressed the importance of leveraging natural gas resources for economic advancement.
Speaking, President and Chairman of Council ANAN, Dr. James Ekerare Neminebor, emphasized the paramount role of revenue in budget management, urging the government to take a more comprehensive approach to revenue sourcing.
He highlighted the underutilization of the gas industry and urged the federal government to invest in it to diversify the revenue base and ensure adequate budget allocations.
Related Posts
Additionally, Neminebor commended the inclusion of the student loan scheme in the 2024 budget, asserting its significance in promoting human capital development within the country.
On his part, the President and Chairman of Council CITN, Samuel Agbeluyi, highlighted the collaborative role of accountants and tax professionals in managing and collecting revenue.
He lauded the government’s credit policy proposal for 2024, emphasizing its importance in facilitating project implementation without solely relying on cash reserves.
Furthermore, Agbeluyi urged elected officials to prioritize national duties over unnecessary foreign trips, urging them to remain in the country and contribute to strengthening the local economy.
The collaborative workshop underscored the imperative for the federal government to harness the potential of natural gas as a key strategy for budget funding and revenue enhancement, in line with the organizations’ recommendations.
