Summit University, Offa, Kwara State, has advocated the integration of Artificial Intelligence into Nigeria’s tax administration system to boost revenue generation and modernise accounting practice in the country.
The institution made the call on Thursday during the maiden edition of the Isiaq Family Foundation Annual Accounting Lecture, where stakeholders examined 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 Okunola, described Nigeria’s fiscal reality as a “revenue paradox,” noting that the government’s development goals continue to exceed 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.”
“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 role of technology, Okunola said Artificial Intelligence was already transforming tax administration globally through its application in 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 noted.
The lecture also spotlighted key elements of the proposed 2025 Tax Reform Agenda, including the consolidation of multiple taxes and the introduction of a unified framework to reduce compliance burdens and improve efficiency.
Earlier, the President of the Isiaq Family Foundation, Alhaji Kolawole Balogun, reaffirmed the foundation’s commitment to advancing accounting education and supporting initiatives that promote professional development.
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 commended the institution’s management and the foundation for their support, noting that the initiative 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.