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Ireti Kingibe’s claims on first-year constituency projects in FCT had more flaws than factsAll Roar and No Bite: Exposing Nigeria’s Paper Tiger Election LawsRivers of crises, By Dakuku PetersideIreti Kingibe’s claims on first-year constituency projects in FCT had more flaws than factsAll Roar and No Bite: Exposing Nigeria’s Paper Tiger Election LawsRivers of crises, By Dakuku PetersideSpeaking Monday at the 30th edition of the Nigerian Economic Summit, Mr Oyedele outlined the need for urgent...
He also criticised the complexity of Nigeria’s tax system, citing over 60 official taxes and levies, with the unofficial count exceeding 200.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.“We stopped counting at 200 because new taxes seem to be invented daily. This kind of system only burdens the economy without delivering the intended benefits.
“This would help to restore the public’s confidence in the government’s ability to manage tax revenue effectively,” he said.Addressing the broader issue of fiscal policy, Mr Oyedele called for reforms that go beyond taxation saying tax is a consequence of economic activity, and any policy that distorts economic activity or undermines the well-being of citizens is bad.
According to him, businesses will benefit from significant tax relief, including a 100 per cent VAT credit on assets and services, which will lower operational costs and, consequently, consumer prices.
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