The Chartered Institute of Taxation of Nigeria has revealed that it has expanded its footprint across the country as the number of its Joint Districts hit 49.
This was disclosed by the CITN President, Samuel Agbeluyi, at the 33rd Annual General Meeting of the institute held at the Tax Professionals’ House, Alausa-Ikeja, Lagos, on Wednesday.
Agbeluyi, who presided over the meeting, said, “The CITN Tax Academy is growing remarkably and has transcended national boundaries to develop the capacity of tax administrations in West Africa. The Institute provided a specialised training programme for officials of the Gambia Revenue Authority.
So far, four batches have been trained by the Institute here in Lagos. The growth strategy for district societies of the Institute is anchored on the presumption that the strength of the Institute is dependent on the vibrancy of the district societies. I am delighted to report that the JDS has continued to expand CITN’s reach by facilitating the establishment of new district societies. On Wednesday, 27th November 2024, Maiduguri & District Society was inaugurated as CITN’s 47th District Society. On Saturday, 1st February 2025, the North America & District Society was inaugurated as CITN’s 2nd diaspora district and the 48th District Society overall; and on Thursday, 12th March 2025, Lafia and District Society was inaugurated as the 49th 49th District of the CITN.
He continued, “I am pleased to report that with these additions, the Institute now has District Societies across the 36 states of the Federation and the Federal Capital Territory, as well as two diaspora Districts. This brings the total number of District Societies to 49.”
Agbeluyi added that there has been a growth in membership of the institute during his presidency, as two induction ceremonies were held – one in Lagos and the other in Abuja – during which 2,836 new members were admitted into the institute.
“Within the reporting period, 534 Associates were elevated to the rank of Fellows, while 75 members were granted the Institute’s Practicing License, further strengthening the professional cadre. As of today, the Institute’s total membership stands at an impressive 31,767,” he explained.
He added that the leadership of the Institute remains resolute in the defence of its charter, which serves as the legal basis for its existence, affirming that the objective is to keep ensuring that the profession is strengthened and resilient in the face of challenges.
Presenting the 2024 annual report of CITN to the AGM, the honorary treasurer of the institute, Kolawole Babarinde, said that CITN closed out the financial year with an operating surplus of N426m after accounting for impairment, depreciation, and amortisation.
He said, “This reflects a 176 per cent increase compared to the N154m recorded in 2023. This remarkable performance underscores the unwavering support of our members, the strategic oversight of the Governing Council, and the dedicated efforts of our staff.”
Highlighting the financial position of the institute, Babarinde said, ”The institute’s total assets (comprising both current and non-current assets) increased from N2.27bn in 2023 to N2.88bn in 2024, reflecting a growth of 27 per cent. This significant increase is primarily attributable to the recognition of a donated bus, the furnishing of the Abuja Liaison Office, a major overhaul of the existing bus, and fully impaired property, plant and equipment. Current liabilities increased from N378m to N401m in 2024, representing a six per cent rise. This growth was primarily attributed to deferred interest on Treasury Bills, advance payments of annual subscriptions from members, practising licence fees, rent received in advance from tenants, and financial obligations to various contractors incurred towards the end of the year. These obligations were fully settled within the first quarter of 2025.”
