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CITN: eNaira Will Add N29bn To GDP

November 19, 2021
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eNaira

 

Chartered Institute of Taxation of Nigeria (CITN) says the introduction of eNaira into the Nigerian economy will add N29 billion to the gross domestic product over the next decade and reduce incidences of tax evasion.

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President of CITN, Adedayo Adesina, said this while speaking on the theme ‘Understanding digital currency operation: The eNaira project.’ during a webinar organised by the institute.

Adedayo explained that the program’s goal was to constantly enlighten and educate the public and stakeholders through activities that contribute to national development, as well as to keep its members up to date on evolving tax policy and associated concerns.

“With the implementation of eNaira, it is expected that ultimately, tax evasion will be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue,” Adedayo said.

According to him, eNaira, a digital currency issued and regulated by the Central Bank of Nigeria, will provide consumers and end-users with quick, safe, and simple trading and transactional opportunities.

Mark Abani, coordinating dean, CITN taxation faculties, said the institute felt it was important to continue to educate its members and the general public on the principles of using the eNaira in their transactions.

Abani noted that the eNaira has the potential to add $29 billion to the gross domestic product of the nation over the next decade.

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