Summit University champions AI-driven tax reforms at maiden accounting lecture
By KEMI KASUMU
She said Nigeria stands to benefit significantly from adopting such innovations but warned that the deployment of AI must be guided by strong regulatory frameworks to address risks such as data privacy concerns, cybersecurity threats and algorithmic bias.
Summit University, Offa, has called for the integration of Artificial Intelligence (AI) into Nigeria’s tax administration system as part of efforts to strengthen revenue generation and modernise accounting practice in the country.
The call was made during the maiden edition of the Isiaq Family Foundation Annual Accounting Lecture held at the university, where experts, academics and industry stakeholders converged to examine Nigeria’s tax reform agenda and its implications for national development.
Delivering the keynote address on behalf of the Registrar/Chief Executive of the Institute of Chartered Accountants of Nigeria, Dr. Adesola Olajumoke Okunola, FCA, described Nigeria’s fiscal condition as a “revenue paradox,” noting that government’s development goals continue to outpace available revenue.
She stated that Nigeria’s tax-to-GDP ratio, estimated at about 9.5 per cent, remains low compared to peer economies, attributing the challenge to systemic inefficiencies rather than taxpayers’ unwillingness to comply.
According to her, “you cannot enforce compliance in a system citizens do not believe in,” stressing the need for trust-building, simplification of tax processes and institutional reforms.
Okunola emphasised the growing relevance of technology in tax administration, noting that Artificial Intelligence is already being deployed globally for tax forecasting, fraud detection, automated auditing and real-time compliance monitoring.
She said Nigeria stands to benefit significantly from adopting such innovations but warned that the deployment of AI must be guided by strong regulatory frameworks to address risks such as data privacy concerns, cybersecurity threats and algorithmic bias.
The lecture also highlighted key components of the proposed 2025 Tax Reform Agenda, including the consolidation of multiple taxes and the introduction of a unified framework aimed at reducing compliance burden and improving efficiency.
Speaking earlier, President of the Isiaq Family Foundation, Alhaji Kolawole Isiaq Balogun, reaffirmed the foundation’s commitment to advancing accounting education and supporting institutions that promote professional development.
The Acting Head of the Department of Management and Accounting at Summit University expressed appreciation to the university management and the foundation for their contributions to the growth of the accounting profession, noting that the initiative is designed to expose students to emerging trends in the field.
The event underscored Summit University, Offa’s growing role as a centre for forward-looking accounting education, particularly in areas of digital transformation and tax innovation, positioning its graduates for relevance in a rapidly evolving global economy.
