Summit University has called for the integration of Artificial Intelligence into Nigeria’s tax administration framework to improve revenue generation and modernise accounting practices nationwide.
The institution made the appeal on Thursday during the maiden edition of the Isiaq Family Foundation Annual Accounting Lecture, where experts discussed Nigeria’s tax reform agenda and its impact on national development.
Speaking on behalf of the Registrar/Chief Executive of the Institute of Chartered Accountants of Nigeria, Dr Adesola Okunola described Nigeria’s fiscal situation as a “revenue paradox,” stressing that the country’s development ambitions continue to outweigh available resources.
Okunola said, “Nigeria’s tax-to-GDP ratio, estimated at about 9.5 per cent, remains low when compared to peer economies, and this is largely due to systemic inefficiencies rather than a lack of willingness by citizens to comply.”
She further stated, “You cannot enforce compliance in a system that citizens do not believe in. There is a need to build trust, simplify tax processes and strengthen institutions to enhance efficiency.”
Emphasising the importance of technology, Okunola noted that Artificial Intelligence is already reshaping tax systems globally through forecasting, fraud detection, automated auditing and real-time compliance monitoring.
“Nigeria stands to gain significantly from adopting these innovations, but their deployment must be backed by strong regulatory frameworks to address data privacy concerns, cybersecurity risks and algorithmic bias,” she added.
The lecture also examined major aspects of the proposed 2025 Tax Reform Agenda, including the harmonisation of multiple taxes and the creation of a unified framework aimed at easing compliance and boosting efficiency.
Earlier, President of the Isiaq Family Foundation, Alhaji Kolawole Balogun, reiterated the foundation’s dedication to promoting accounting education and supporting initiatives that encourage professional growth.
Balogun said, “This lecture series is part of our contribution to knowledge development and our resolve to support institutions that are shaping the future of the accounting profession.”
In his remarks, the Acting Head of the Department of Management and Accounting at the university praised the institution’s management and the foundation for backing the initiative, noting that it would help students understand emerging developments in the profession.
“Our goal is to prepare students for the realities of a rapidly evolving global economy, particularly in areas of digital transformation and tax innovation,” he said.
