The Secretary to the Government of the Federation, George Akume, and a Don, Prof. Ezekiel Williams, have stated that a competent taxation system will put a stop to the Federal Government taking loans to fund projects.
The Punch reported that they announced this on Thursday at the Transcorp Hilton Hotel in Abuja during the publication of Professor Williams’ book, “The Taxation Pendula.”
This came as the Federal Government recently moved to obtain a new $400 million loan from the World Bank for a conditional cash transfer to 15 million households as one of the steps taken to mitigate the effects of the elimination of the fuel subsidy on Nigerians.
The Federal Government is borrowing $1.2 billion from the World Bank for the cash transfer, up from $800 million that it had previously acquired for the same purpose.
President Bola Tinubu announced the conditional cash transfer to 15 million households in a nationwide address on October 1 to commemorate the country’s independence as part of measures to mitigate the effects of the removal of petrol subsidies, which has resulted in an astronomical rise in the cost of living.
Additionally, he stated that the Federal Government would start paying 15 million households N25,000 per month starting in October 2023 and continuing through December 2023.
Speaking on Thursday, the SGF, who was represented by the Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Government of the Federation, Nko Esuabana, said all levels of government must have the authority to tax people and that people must be committed to paying their taxes on time in order to prevent the government from worrying about finding money for projects.
Williams, the book’s author, said in a separate speech that the book explains the nuances of tax laws, the necessity for people and businesses to pay taxes, and what the government is supposed to do with the money it receives in taxes from people and businesses.
He disclosed that ‘The Taxation Pendula’ would instruct individuals and corporations on how to pay taxes, benefit from paying taxes, and avoid breaking tax laws.
