Saturday, May 18, 2024

Rethinking Nigeria’s Tax System: Insights from Wellspring University’s Inaugural Lecture on Tackling the Public Debt Crisis


Wellspring University Hosts Its First Inaugural Lecture on Nigeria’s Tax System

In a significant academic gathering that drew attention to national fiscal issues, Wellspring University organized its inaugural lecture at the university’s multipurpose hall in Benin City, Edo State. The lecture, titled “Rethinking & Repositioning Nigeria’s Tax System: Panacea for Nigeria’s Public Debt Time Bomb,” attracted a wide array of academicians, dignitaries, and students, all keen on understanding the challenges and opportunities within Nigeria’s tax infrastructure.

The lecture was delivered by Prof. Enyinna Okpara, a distinguished Professor of Accounting and Finance and an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN). Prof. Okpara, who also serves as the current Dean of Social and Management Studies at Wellspring University, provided an in-depth analysis of Nigeria’s current tax system, emphasizing the need for a robust overhaul to prevent the looming threat of a public debt crisis.

“As at the second quarter of 2023, Nigeria’s external and domestic debt stood at N87.38 trillion ($113.42bn), a figure that does not bode well for the country’s fiscal health,” Prof. Okpara revealed, stressing the immediate need for both structural and cultural reforms in tax collection and administration to combat this issue.

Prof. Okpara’s lecture highlighted the inefficiency and loopholes in the current tax regime, advocating for a system that ensures equity, efficiency, and effectiveness. He proposed the removal of tax waivers on import duties, innovative internal revenue generation strategies for states, implementation of electronic revenue collection methods, reintroduction of toll-gates, and the elimination of multiple taxation among other reforms.

In concluding his speech, Prof. Okpara pointed out the dangers of continuous borrowing and reliance on debt, emphasizing that stimulating the economy through employment and broader tax collection can offer a sustainable path forward.

The event was graced by the Vice Chancellor of Wellspring University, Prof. Isaac Rotimi Ajayi, the Founder, Ambassador Daniel .C. Isimoya, and notable guests like Chief Oye Akinsulire, a member of the Governing Council of ICAN, who represented the President of the association. Both the Vice Chancellor and the Founder lauded Prof. Okpara for his thought-provoking lecture and encouraged others in the academic community to contribute similarly meaningful discourse in the future.

Chief Akinsulire, on behalf of ICAN, expressed gratitude towards the university for the recognition and honored Prof. Okpara with a cash prize of one million naira, reaffirming ICAN’s support and positive impact on Wellspring University going forward.

Colleagues and fellow academicians, including Dr. Joy Ihegbuniwe, Head of the Department of Business Administration at Wellspring University, praised the relevance of Prof. Okpara’s lecture, highlighting its importance to understanding Nigeria’s precarious position in terms of national debt and economic strategy.

As Wellspring University marks this milestone with its first inaugural lecture, it sets a precedent for further scholarly exploration and discussion on pressing national issues, contributing to the academic and societal growth of Nigeria.

Alexandra Bennett
Alexandra Bennett
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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