ABUJA, Nigeria (VOICE OF NAIJA)-The Registrar/Chief Executive of the Institute of Chartered Accountants of Nigeria, Dr Adesola Okunola, has called for the integration of Artificial Intelligence into Nigeria’s tax administration system to enhance revenue generation and modernise accounting practices.
Okunola made the call on Thursday while delivering the keynote address at the maiden edition of the Isiaq Family Foundation Annual Accounting Lecture held at Summit University.
She described Nigeria’s fiscal condition as a “revenue paradox,” noting that the country’s development ambitions continue to exceed available financial resources.
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“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 said.
Okunola emphasised that improving tax compliance depends on building public trust and simplifying administrative processes.
“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,” she added.
Highlighting the importance of technology, she noted that Artificial Intelligence is already reshaping tax systems globally through tools such as 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 said.
The lecture also focused on aspects of the proposed 2025 Tax Reform Agenda, including the consolidation of multiple taxes and the introduction of a unified framework aimed at reducing compliance burdens and improving efficiency.
Earlier, the President of the Isiaq Family Foundation, Alhaji Kolawole Balogun, said the lecture series was designed to promote accounting education and support professional development.
“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,” he said.
In his remarks, the Acting Head of the Department of Management and Accounting at the university commended the initiative, noting that it would expose students to emerging trends 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.