George Akume, the Secretary to the Government of the Federation, and Professor Ezekiel Williams have jointly stated that implementing an effective taxation system could mitigate the need for the Federal Government to secure loans for funding projects.
They made these remarks during the launch of Professor Williams’ book titled ‘The Taxation Pendula’ at the Transcorp Hilton Hotel in Abuja on Thursday.
This conversation comes in the wake of the recent move by the Federal Government to secure a new $400 million loan from the World Bank to support the conditional cash transfer program for 15 million households, intended to offset the impact of the removal of petrol subsidies on Nigerians.
With this new loan, the total amount borrowed from the World Bank for the cash transfer program will reach $1.2 billion, as an earlier loan of $800 million was obtained for the same purpose.
President Bola Tinubu had announced the conditional cash transfer program for 15 million households in a nationwide address on October 1, as part of the government’s efforts to cushion the effects of the petrol subsidy removal, which has led to a significant increase in the cost of living.
The Federal Government plans to provide a monthly payment of N25,000 to 15 million households from October to December 2023.
The SGF, represented by Nko Esuabana, Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Government of the Federation, stressed the importance of all levels of government participating in taxing citizens, while citizens must be committed to paying their taxes promptly to reduce the government’s reliance on loans for financing projects.
Author Professor Williams highlighted that his book, ‘The Taxation Pendula,’ delves into the complexities of tax laws, emphasizes the need for individuals and businesses to fulfill their tax obligations, and outlines the government’s role in utilizing tax revenues collected from citizens and corporate entities.
The book aims to educate readers on how to pay taxes, the benefits of doing so, and how to adhere to tax laws.