To boost the country’s economic development, experts have called for increased collaboration between the citizens and the government.
They also called for a fair tax policy, describing the current tax regime as unsustainable as it favours the rich at the expense of the poor.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, led the call while delivering a keynote address at the hybrid 16th distinguished yearly lecture series of the Lagos Chapter of the Nigerian Institute of Quantity Surveyors (NIQS) in Lagos.
Expounding on the theme: ‘Nigeria’s Economic Policies: Effects, Challenges and Strategies for Sustainable Economic Stability’, Oyedele explained the principles and importance of fiscal and monetary policies in shaping the economy.
According to him, the problem with the economy was not the cost of governance but rather the lack of adequate finances to run the country.
Oyedele stressed that Nigeria’s budget was higher than its revenue of about N18 trillion, representing only half of the funds required.
He added that the nation’s revenue was not enough to pay salaries alone under the minimum wage being agitated by labour unions.
“If you take the entire revenue of the Nigerian government, local government, state government, and federal government, and you pay only the salary of civil servants, you cannot pay N500,000 per month. If you pay N500,000 per month per civil servant, that whole money is gone, leaving no money for defence, roads or anything else,” he explained.
Lamenting that only 17 per cent of Nigerians pay their taxes, he said 83 per cent of the population would do everything and anything to avoid paying, including lying about their income.
Oyedeke urged the NIQS and the likes to sponsor bills that tackle critical issues related to taxes and obsolete legislation affecting land, construction matters, and the economy.
On his part, the Managing Partner at Jim Partnership, Olujide Oke, called for the upscaling of social skills and the provision of an enabling environment, including a stable power supply to stabilise the economy.
