The Secretary to the Government of the Federation, George Akume, and Professor Ezekiel Williams emphasized the importance of implementing an effective taxation system in Nigeria to reduce the need for excessive borrowing by the Federal Government to finance projects. They made these remarks during the launch of Professor Williams’ book titled “The Taxation Pendula” at the Transcorp Hilton Hotel in Abuja.
This discussion came in light of the Federal Government’s recent move to secure a $400 million loan from the World Bank for a conditional cash transfer program aimed at supporting 15 million households, partly as a measure to mitigate the impact of petrol subsidy removal on Nigerians. This $400 million loan adds to the $800 million already secured by the Federal Government for the same purpose, bringing the total to $1.2 billion in loans from the World Bank.
Secretary to the Government of the Federation, George Akume, stated that it’s essential for all tiers of government to be actively involved in taxing citizens, and for citizens to fulfill their tax obligations to ensure the government doesn’t face challenges raising funds for various projects.
Professor Williams explained that his book, “The Taxation Pendula,” delves into tax laws and the significance of individuals and corporations paying taxes. The book aims to educate citizens and businesses about the benefits of paying taxes, understanding tax laws, and utilizing tax revenues effectively.