- The possibility of Nigerians paying more taxes continues to rise
Nigeria-Tax Revenue beyond its identification as a potent tool to effectively run the administration of a flourishing economy, the necessity for her citizenry to pay has been reiterated recently by the Federal Ministry of Finance and National Planning.
The ministry further buttressed that Nigerians ‘lackadaisical attitude’ towards tax payment has brought about the nation’s undergrown economy.
In the exact words of the Minister of Finance, Zainab Ahmed, Nigeria’s economy should have been growing over the last seven quarters, but this growth rate is not powerful enough to propel the required developments in the country.
Nigeria-Tax Revenue Vis-à-vis The Current Situation Of The Economy
During a plenary session at the recently concluded 28th Nigerian Economic Summit (NES28), the Minister of Finance revealed that the current growth rate of the economy is not helping to improve the average Nigerian’s living standards.
According to her, the lacklustre attitude displayed by Nigerians towards tax payment is the root of this problem, and something needs to be done about it now before it gets worse beyond repairs.
She mentioned that effort is not made to ensure diversification, pointing out that while different sectors are at different growth levels, none are growing enough.
Ahmed however commended the information and technology sector which has continued to grow consistently.
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Proposed Solutions
According to the minister, the first and most crucial step toward resolution is enlightening Nigerians on the importance of paying their taxes.
To grow at a minimum of 5% on a year-on-year basis and expand earnings, it is vital for the citizens to feel the patriotic need to contribute to the development by paying their taxes.
Another step is to find a way to pay more attention to the agriculture sector and grow it on an exponential basis.
She mentioned that the government has to concentrate on not just production, but also the processing and exporting of agricultural produce to be able to earn foreign exchange income.
Thirdly, the minister stressed the need to mobilize external resources by designing programs that will be used to motivate diasporans to bring their resources to Nigeria and invest in the development of certain projects.
In conclusion, Nigerians must pay their taxes to ensure a flourishing and perpetually growing economy.
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