Taxation has been identified as a major source of government revenue essential for the day-to-day running of its activities.
This formed the highlight of a public lecture declared open by the Vice-Chancellor of Godfrey Okoye University, Rev. Fr. Prof. Christian Anieke, on the topic “Tax Reform, MSMEs Development, and Inclusive Growth in Emerging Economies.”” The event was organized by the Department of Economics and held at the Peter Mbah Law Auditorium, Thinkers’ Corner, Enugu.
The Vice-Chancellor noted that the large size of the informal sector continues to undermine effective tax assessment and revenue generation. He called on the government to prioritize Micro, Small, and Medium Enterprises (MSMEs), emphasizing the need to formalize the informal sector to expand the tax base.
Delivering the keynote address, Prof. Daniel Nwibo, who spoke on “Implications of the New Tax Act on MSMEs,” commended the university for organizing the lecture, noting its importance in bridging the gap between theory and practical knowledge. He highlighted that the new tax reforms could significantly improve the survival rate of MSMEs, which remain critical drivers of job creation, innovation, and social equity.
However, he expressed concern over the inefficiencies in Nigeria’s tax system, particularly poor communication and the lack of visible benefits to taxpayers due to inadequate infrastructure and social amenities. He advocated for simplified tax processes, increased automation, formalization of the informal sector, and enhanced tax education.
Professor Nwibo further stressed the importance of proper documentation and effective bookkeeping for MSMEs and citizens to fully benefit from ongoing tax reforms.
In her opening remarks, the Head of Department of Economics, Dr. Modesta Iduma appreciated the Vice-Chancellor for his continuous support and thanked the guest speaker for his insightful contribution.
The event also featured an engaging alumni interaction session coordinated by Miss Nancy Uchechukwu, with panellists Miss Abiokpo Batuba, Mr. Onyibo Jude and Mr. Tochukwu Ezeji, who spoke on “Pathways to Growth, Career Development, and Poverty Reduction.””
The lecture provided a valuable platform for intellectual engagement, policy discussion, and practical insights into taxation and economic development.
