Tuesday, October 23, 2018 6.30PM /
Ottoabasi Abasiekong, Proshare WebTV
Stakeholders today explored “Leveraging Domestic Resource Mobilization for Sustainable Development in Nigeria” at the second and final day of the 24th Nigeria Economic Summit in Abuja.
Moderated by Mr Olufemi Awoyemi, FCA the CEO of Proshare Nigeria it was an opportunity to discuss fiscal issues and developments around the taxation space as it concerns the expansion and growth of the economy.
Dr Neil McCulloch the Principal, Policy Practice a panelist shared six (6) areas African governments including Nigeria should focus on in improving taxation namely;
On her part Dr Salamatu Isah a Special Adviser on Economic Policy representing the Governor of Kaduna State, Mallam Nasir El-Rufai said as a Sub-National it has worked assiduously to achieve a “Single Comprehensive Tax Code”.
According to her the tax code which has a specific investor window, has been to a great extent enhanced the “Ease of Doing Business” which Kaduna state has emerged as a leader in Nigeria.
Dr Isah also outlined the Industrialization plan of the State, which is also exploring the development of clusters and tapping into the utilization of its mineral resources, to boost its alternative revenue sources.
The Chairman of the NESG Research Committee and notable economist, Dr Doyin Salami warned that Nigeria must avoid scenarios where inefficiency of spending continues from revenues, which could discourage people from paying taxes.
Salami opined that the most important issue for Nigeria to address, at the moment is understanding how the nation plans to utilize its revenue and the specific areas for investment.
Professor Teju Somorin a scholar in taxation and former President, Chartered Institute of Taxation in Nigeria, CITN from her research harped on the need for increase awareness on tax issues and laws guiding them in the country.
She also made a strong case for increased funding of tax agencies in the country, to carry out effective administration.
Tomorin also called for a review of the tax incentives in the country, with the focus on the sectors that drive productivity in the economy.
Dr Amine Mati the IMF Resident Representative for Nigeria restated the position of the International Financial Institution, restating the need for the country to reforms its Tax policy given the low revenue mobilization & high spending.
Mati believed that Nigeria needs to expand its excise taxes to include other products and increase Value Added Tax on some goods.
He also alluded to the need for the country to revamping Tax & Customs administration proficiency The session was chaired by Dr Sarah Alade the former Deputy Governor of the Central Bank of Nigeria.