The former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu had kicked against calls to the Federal Government to increase taxes.
Moghalu in a tweet on April 17, 2023, said increasing taxes in the country will not solve Nigeria’s economic problems.
He opined that, Nigeria needs more effective and comprehensive tax collection.
He tweeted: “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.
Moghalu noted that Millions of Nigerians who are supposed to pay taxes don’t. However, he equally stated that we need to spend better, curb waste and corruption.
According to him, “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.” says Kingsley Moghalu.
