Lagos finance commissioner, Olowo, says Nigeria should embrace taxation

Lagos finance commissioner, Olowo, says Nigeria should embrace taxation

- The Lagos commissioner for finance, Rabiu Olowo, has said the Nigerian economy will recover from the challenges of COVID-19 pandemic if it embraces taxation

- Olowo made the statement during a two-day academic symposium on a webinar

- The commissioner said developing countries with heavy dependence on oil will find it difficult to recover in the post COVID era

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The Lagos state commissioner for Finance, Rabiu Olowo, has said the Nigerian economy will recover from the challenges of COVID-19 pandemic if it embraces taxation.

COVID19: Finance commissioner, Olowo, says Nigeria should embrace taxation

The commissioner said oil is no longer a reliable source of financing a country of Nigeria’s magnitude. Photo credits: Rabiu Olowo
Source: Twitter

Olowo made the statement during a two- day academic symposium on a webinar, Vanguard reported.

He said developing countries with heavy dependence on oil will find it difficult to recover in the post COVID era.

The commissioner said oil is no longer a reliable source of financing a country of Nigeria’s magnitude and advised that the federal government summon the political will to embrace effective taxation.

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We cannot be waiting for the oil to develop our country when its volatility is a well-known problem. We need to summon the political will to embrace tax. We cannot be doing the same thing and expect a different result,” Olowo stated.

Meanwhile, Nigerians will now be required to pay stamp duty on house rent agreements and Certificate of Occupancy (C of O) in line with a new directive of Federal Inland Revenue Service (FIRS).

Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2, Daily Trust reported.

He advised Nigerians to ensure that documents pertaining to rent or lease agreements for their homes or offices are subjected to authentication with the new FIRS adhesive stamp duty.

In another news report, the Senate has expressed deep concern over issues bordering on anti-graft, national finance, financial crimes, banking, insurance and other money-related institutions.

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In a bid to avert more tax evasion and thus stop revenue loss, the top legislative body has summoned the Ministry of Finance and the Central Bank of Nigeria (CBN) to appear before it for briefing, Premium Times reported.

Other organisations whose representatives are to submit reports in the red chamber are the Economic and Financial Crimes Commission (EFCC) and the and Independent Corrupt Practices Commission (ICPC).

Others invited are the Nigerian Export-Import Bank (NEXIM); Nigerian National Petroleum Corporation (NNPC).

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