Tax Justice Forum Urges Action: Broaden A’Ibom Tax Base To Tackle High Debt

Tax Justice Forum Urges Action: Broaden A’Ibom Tax Base To Tackle High Debt

In a bid to address the surge in debt profile, a Tax Justice and Governance Forum in Akwa Ibom State has recommended broadening the tax base and enhancing tax administration efficiency……READ ALSO Clarity On Taxes: FIRS Debunks Claims Of Targeting Content Creators

Chairman of the Forum, Harry Udoh, emphasized the need for voluntary compliance, reduced exemptions, and improved transparency to generate more revenue for essential services.

Speaking through Forum member Mr. Elkanah Oluyori during a press conference on “Akwa Ibom Economic Challenges and Public Debt Management,” Udoh highlighted the importance of prioritizing investments in education, health, and entrepreneurship for sustainable long-term growth.

The recommendations are in line with the state’s 2024 budget goals, focusing on GDP growth, inflation control, partnership with foreign investors, human capital development, and internal revenue generation.

Expressing concern over the escalating debt burden, Udoh warned against regressive tax policies that could widen socioeconomic disparities, particularly impacting low-income residents.

Data from the Debt Management Office revealed a significant increase in debt from N215.99 billion in 2019 to N347.75 billion in 2023, marking a 61.1 percent rise in four years.

The Forum emphasized the adverse impact of high debt on critical sectors like education and healthcare, evident in declining budget allocations despite increasing demands.

As Akwa Ibom confronts its economic challenges, the call to broaden the tax base and ensure prudent debt management emerges as a vital step towards fostering economic resilience and equitable development.