Speaking at the maiden edition of the Isiaq Family Foundation Annual Accounting Lecture held at Summit University, the Registrar and Chief Executive of the Institute of Chartered Accountants of Nigeria, Dr. Adesola Okunola, made a compelling case for the integration of Artificial Intelligence (AI) into tax processes. According to her, adopting advanced technologies is no longer optional but essential for improving efficiency and closing the country’s revenue gap.
She framed Nigeria’s fiscal challenge as a “revenue paradox,” pointing out that while the nation has ambitious development goals, its financial capacity continues to lag behind.
“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 emphasized that the issue goes beyond enforcement, highlighting the importance of trust and simplicity in encouraging voluntary compliance among taxpayers.
“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.
Central to her argument was the transformative potential of AI in modern tax systems. She explained that across the globe, governments are already leveraging AI tools for functions such as revenue forecasting, fraud detection, automated auditing, and real-time monitoring of compliance.
“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 provided insight into the proposed 2025 Tax Reform Agenda, which aims to streamline Nigeria’s tax structure. Key elements include consolidating multiple taxes and introducing a unified framework designed to ease compliance burdens while improving overall efficiency.
Earlier in the event, the President of the Isiaq Family Foundation, Alhaji Kolawole Balogun, described the lecture series as part of a broader effort to strengthen accounting education and professional capacity.
“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 a similar vein, the Acting Head of the Department of Management and Accounting at Summit University noted that initiatives like the lecture are crucial in preparing students for the evolving demands of the global economy.
“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.
The event underscored a growing consensus among professionals that embracing digital transformation—particularly AI—could be key to unlocking Nigeria’s revenue potential and modernising its accounting landscape.