Govt Charged To Diversify Country’s Economy


*Told to make tax payments work


The country’s lack of economic growth and problems can be traced to the dependence on crude oil exports only, love for foreign goods and non-diversification of the economy by the  federal government and Nigerians.

Being an import dependent country government must do the buying in dollars and this huts the Naira. It’s expected of government to develop other sectors of the economy.

This assertion was made by Prof. Uche Uwaleke a lecturer at the Nasarawa State University at the 2023 Institute of Chartered Accountants of Nigeria (ICAN) Week Technical Session held at Command Guest House, Kaduna  on Tuesday.

The expert on capital market, said that government’s continuous reliance on crude oil money at the expense of other sectors like agriculture, mining and marine to run the country will continue to affect the naira and breed inflation.

According to him, “the country’s inflation rate is fast increasing on alarming progression and this means rising prices of goods and services.”

“The reason the Structural Adjustment Programme, SAP, of Gen. Ibrahim Babangida didn’t work 1986, was because the country solely living on proceeds from crude oil and that narrative has to change very soon.”

In his paper “Tax to GDP Ratio” delivered at the event, Prof. Godwin Oyedokun, said as much as important as tax payment is to the Gross Domestic Product of the country only a few Nigerians actually pay taxes.

He said that in the country only the formal sector (public/civil servants) remit their taxes since the deduction is done at source.

“In the country today most private owned businesses either don’t pay taxes or when they do they don’t pay accurately.”

He added that if taxes are paid accurately most of the basic infrastructures like good roads, schools and well equipped health centers will and can be provided by government.

Prof. Oyedokun charged the appropriate agencies responsible for tax collection to double their efforts by ensuring strict compliance by Nigerians to tax payments.

“The agencies that are responsible for tax collection should carry out enlightenment campaigns to enable the know that government also needs taxes to boost its revenue reserve.”

“Though not much in percentage payment taxes are compulsory  and government needs it to be able do some projects for its people.


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