A former deputy governor of the Central Bank of Nigeria (CBN), Mr. Kingsley Moghalu has disagreed with the International Monetary Fund (IMF) on its advocacy for the Nigerian government to increase taxes.
He stated this in a tweet on his Twitter handle @MoghaluKingsley on Monday.
He rather suggested that Nigeria needs “more efficient and more widespread tax collection,” because, according to him, “Millions who should pay taxes don’t.”
Moghalu further opined that the country also “need to consider a ‘Wealth Tax’ where the extremely wealthy pay their fair share as is the case in developed countries.
“We should end the regime of “waivers” that give wealthy businesses trillions in tax breaks,” he further said.
Read the tweet below:
“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.
“We need to spend more on things that yield economic dividends. And then we need to consider a “Wealth Tax” where the extremely wealthy pay their fair share as is the case in developed countries.
“Finally, we should end the regime of “waivers” that give wealthy businesses trillions 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,” he tweeted.
