Okonjo-Iweala Urges Tinubu Administration To Simplify Taxation And Levies

Okonjo-Iweala Urges Tinubu Administration To Simplify Taxation And Levies

Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged the Bola Tinubu-led federal government to streamline its taxes and levies to alleviate undue burdens on the populace….READ ALSO Okonjo-Iweala Unveils Root Cause Of Nigeria’s Agricultural Exports Decline

Speaking at a gathering of Women in Leadership Nigeria in Abuja, Okonjo-Iweala emphasized the importance of thoughtful taxation policies that broaden the tax base without overly burdening citizens.

While acknowledging the necessity of increasing government revenue through taxes and levies, Okonjo-Iweala stressed the need for careful consideration of their implementation to prevent excessive strain on individuals. She highlighted the current low tax-to-Gross Domestic Product (GDP) ratio in Nigeria, indicating a need for improvement in tax administration and revenue generation.

Okonjo-Iweala suggested that to enhance the tax-to-GDP ratio, the government should broaden the tax base, which is presently narrow due to the limited number of taxpayers in the country. However, she emphasized the importance of providing quality services to taxpayers to justify their contributions.

In her remarks, Okonjo-Iweala refrained from commenting on specific tax levels but instead focused on the overarching need to improve tax administration and ensure equitable taxation policies. She emphasized the importance of balancing revenue generation with the provision of essential services to taxpayers.

Overall, Okonjo-Iweala’s remarks underscore the imperative for the Tinubu administration to carefully evaluate and streamline its tax and levy policies to promote economic growth while safeguarding the welfare of Nigerian citizens.