The current drive by the Federal Government to update the multiple tax systems in Nigeria, has been praised. These are the views of Speakers at the 15 years Anniversary lecture of T&A Legal, which took place at the MUSON Centre, Lagos on Saturday, with the theme “Driving the Future Economy in Nigeria, The Catalytic Role of Law”.

Setting the ball rolling of things to come, the Ekiti State Commissioner for Finance, Mr Akin Oyebode, who was the first Keynote Speaker, noted that the Nigerian Constitution does state that Nigeria is a Federation, and there is need for the nation to operate as one. He further noted that some laws which we as a Nation have been operating on are not only outdated, but need to be replaced with laws that will help with reforms that lead to economic development. He gave an example with the law which does not give rights to under 21s to own Landed propert,  as being of no economic value to the nation and its citizens.

Speaking further on the same theme, the Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, disclosed that Nigeria currently has 62 different tax laws, and levies have been paid which are not business friendly.

“We need to be at the same level as other countries in terms of tax collection, in order to boost investment and sustain current economic reforms”, Dr Adedeji stated.

Panelists who discussed the theme further include Mr Olatubosun Alake, Lagos State Commissioner for Innovation, Science & Technology; Adetayo Bamiduro, Co-founder, Max; Mr Deji Oyebode, Partner, Banwo & Ighodalo; Mohammed Garuba, ED, Cardinal Stone; and Kayode Disu, CEO Vendy all agree that the law is key to economic development and growth, while calling for constant review and update for it to be dynamic.

In her goodwill address, the Honourable Minister for Industry, Trade and Investment Dr Jumoke Oduwole, who also doubled as the Special Guest of Honour, thanked the Partners at T&A Legal for selecting a topic that is dear to the heart of the President and Nigerians in general. 

“The hard decision and sacrifice of Nigeria will soon be a thing of the past, as gains of the current reforms set in. The President gave us his marching orders, and soon you will see the results.”

The event was attended by many distinguished guests, including the Olubadan of Ibadan land, Oba Akinloye Owolabi Olakulehin, Speaker of the Oyo State House of Assembly, Lawyers and Judges from both Federal and State High Court.