Moghalu
Why FG shouldn’t increase tax now – Moghalu
A former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, advised the Federal Government to ignore calls by some Nigerians to increase taxes in the country.
Moghalu in a tweet on Monday said increasing taxes in the country will not solve Nigeria’s economic crisis.
According to him, the country needs more efficient and widespread tax collection.
He tweeted: “I disagree with @IMFNews call on Nigeria’s government to increase taxes. That will not solve our economic crisis. What we need is more efficient and more widespread tax collection. Millions who should pay taxes don’t. Then we need to spend better, curb waste and corruption.
“In tax breaks, we have tax collection, revenue generation and revenue allocation/spending problems, not tax increase problems. Of course, many avoid paying taxes because they simply don’t trust government. Trust must be restored in a verifiable manner, with increased transparency.”