Revolutionary Tax Reform Proposal: Pat Utomi Pushes For Incentives That Promote Production

Revolutionary Tax Reform Proposal: Pat Utomi Pushes For Incentives That Promote Production

Political economist and founder of the Centre for Values in Leadership, Pat Utomi, has voiced his strong opposition to the criticisms of President Bola Tinubu’s tax reform bills. He believes these agitations are misguided and stresses that the primary focus should be on how taxes…Revolutionary Tax Reform Proposal: Pat Utomi Pushes For Incentives That Promote Production

can be used to stimulate production, rather than merely collecting funds.

In an exclusive interview with ireporteronline, Utomi emphasized that the debate surrounding the tax reforms should not be centered on equity in revenue distribution in an economy that lacks production. Reflecting on past experiences, he noted that revenue increases in Nigeria often failed to improve the welfare of the average citizen.

Instead of implementing taxes that drain resources from Nigerians, Utomi advocates for a supply-side economic approach to taxation, one that encourages production. He explained that taxes should be directed towards specific uses that foster growth, using the example of the gasoline tax in the U.S., which funds highway maintenance.

He further pointed out the need for Nigeria to rethink its tax system. Utomi argued that taxes should incentivize a shift from consumption to production, thereby diversifying the economy and ensuring long-term growth. He stressed, “We must focus on how taxes can stimulate production. The supply side must lead.”

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