Fidelity bank banner Bayelsa State banner
Over 5 million Nigerians enter tax net – Osinbajo

By News Express on 10/05/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 521

•Vice President Yemi Osinbajo
•Vice President Yemi Osinbajo

 

Vice President Yemi Osinbajo on Wednesday in Abuja said that over five million new taxpayers have been enrolled in the last 12 months.

Speaking at the 20th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), Osinbajo said that the tax compliances are closely linked to good governance.

He said that tax compliance should go hand in with good governance as the head and tail of the social contract between the government and its citizens.

“The government of President Buhari is working to change this state of affairs. We are determined to restore the full weight of the social contract.

“We are rewriting the old rules and compacts; making it clear to Nigerians that we will ensure that every naira of public money is put to use for the maximum good of the Nigerian people.

“We will also simultaneously ensure that every naira due to the public coffers in taxes is promptly and efficiently collected.

“This level of commitment to accountability makes it easy to see how we have managed to, even in the face of dwindling oil earnings and a recession, succeeded in spending significantly more on infrastructure (roads, rail, power) and human capital development (education, health, poverty reduction) than previous governments.

“As of May 2017, only 14 million economically-active Nigerians paid taxes. I am pleased to note that that number is now in excess of 19 million, and still growing,” he said.

Exemplifying with the wonderful achievements of Late Chief Obafemi Awolowo in South West, Osinbajo said that the giants' stride which was achieved before Nigeria discovered oil proves how far tax payment can go.

He said that the free education, as well as infrastructural developments enjoyed in Southwestern region of Nigeria, was only possible with funds from cocoa and tax payment.

He, however, decried that with the coming of the military and the oil boom, everybody forgot about taxation as the central government began to give everybody allocations.

“So, today the states in the old Western region, aside from Lagos, do not earn enough in taxes or anything else to pay salaries let alone do major capital projects.

“Without federal allocation, most states cannot survive.  I am sure you are familiar with the statistics, Lagos state alone takes in as much IGR as 31 states combined. It tells you how little the other states manage to bring in IGR.

“This historical analogy of the old Western region and fate of the states that now constitute it explains the low level of tax compliance; the now-well-known fact that our tax-to-GDP ratio stands at only 6 percent.

“Although we are told that it will improve with VIADS and some of the steps taken already by the FIRS. This is obviously a dismal figure when compared to other countries at similar levels of development: Ghana, Egypt and India at 16 percent, South Africa at 29 percent.

“That our tax-to-GDP ratio is one of the lowest in the world should in fact surprise no one.

“As at December 2017, only 943 Nigerians pay self-assessed taxes of over N10 million and of that number, 941 live in Lagos State, the other two live in Ogun State,” he said.

He called on citizens to always endeavour to pay their taxes stressing that tax does not excite anybody anywhere in the world.

He assured that the APC government will keep their part of the bargain by ensuring that monies realised from taxes were put to good use. (NAN)

 

 

Source News Express

Posted 10/05/2018 04:01:29 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Fire guts FERMA ex-director’s Awka duplex

Expect cloudy conditions today, with chances of isolated...

DSS denies doctor, family access to Abaribe —...

Peace Corps member nabbed with gun in Bayelsa...

FG unfolds plan to hand over Lagos Airport,...

Herdsmen kill 10 in Kogi invasion

N-Power to undertake physical verification of 300,000 applicants...

Human lives more precious than cows, HURIWA tells...

APC on a revolutionary mission — Osinbajo

RIGHTSView: Marshal Badeh’s thesis on native media

Amnesty International accuses Nigerian Air Force of bombing...

PDP Crisis: Dickson meets Makarfi, presents Reconciliation Committee’s...

 

Latest News Pastor killed inside Kaduna church, wife abducted Court remands 114 pro-Biafra women in prison Three killed as PDP and APC supporters clash in Bayelsa Wike offered me N200m bribe to compromise bye-election — Rivers APC Chairman Security report from North-East worrisome: Defence Minister Delay in passage of INEC Budget may jeopardise preparations for 2019 — Election Monitors Ohanaeze youths warn security agents over unwarranted attack on Igbos Nigerian community in U.S. to float community bank Emmanuel, Akpabio in war of words Woman dies after fight with husband MOSOP to Buhari: Probe abuse of Ogoni women, halt pipe laying in Ogoniland Soldier under investigation over alleged brutality of kid

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,622 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,710 views) Shameless Genevieve Nnaji exposes breasts in public (297,521 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,712 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,836 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,692 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,409 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,552 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,100 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (159,061 views) Lagos plane crash: Journalist releases victims’ names (153,338 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,554 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,468) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (529) Features (642) Global Business Monitor (296) International (2,284) Interview (162) Live Commentary (28) Love Matters (137) News (38,195) Opinion (1,064) Pidgin (11) Politics (6,118) Religion (835) Sports (1,655) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Yinka Ayefele's Music House Demolished

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement