Economic Crises in Nigeria: Elizade University Tax Club Proffers Solutions

• Speakers during Elizade university tax club dinner have called for a robust taxation system in Nigeria
• They said that it is necessary that the country consider the place of an efficient and effective tax system as a means of diversification of the economy
• One of the speakers also said that Nigeria is economically viable with enduring prosperity if only the right people are at the right time

It is no longer news that Nigeria's tax compliance rate is significantly low compared to other countries.

This follows the weak revenue administration capacity to deal with evasion and lack of data. Also, multiplicity of taxes, tax touting, complex nature of the Nigerian tax laws, minimum tax, commencement, change of accounting date and cessation, and non-payment of tax refunds are parts of the challenges facing the sector.

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In efforts to find a lasting solution to these problems, the Elizade university tax club during its annual dinner insisted that for a country to grow, it must have a robust taxing system.

Dr Wumi Ilawole, special adviser to Governor Rotimi Akeredolu on Education while speaking said that it is necessary for the country to embrace a robust taxation system for the country to move forward.

On his part, Popooola Omoteniola Olalere, president of Elizade university tax club, in his welcome address insisted that in 'the end of oil' what happens to Nigeria?' Based on this, he called for the implementation of a tax regime that will help in economic diversification since oil will not be there forever.

Also, delivering a paper titled: Tax, the future and you, Tolu Adegbie, executive chairman Ondo state Internal Revenue Service who is also the pioneer patron of the tax club, argued that Nigeria is economically viable with enduring prosperity if only the right people are at the right time.

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He said:

"In fact, wherever the sunshine is economically viable."

Adding that"

"Taxing right, tax types, number of taxes, rate of taxes band base of taxes will go a long way in shaping the success or failure of our future in the economic development of Nigeria."

Also present at the event are: Vice-chancellor of the university, Professor Amund Olukayode, represented by Dr Wole Adamolekun, registrar of the university, Omololu Adegbenro, represented by Wale Oladokun, Dr JI Aremo, Anthonia.C Oloko (lecturer-in-charge of Elizade University tax club).

Experts blame CBN as rising inflation pushes more Nigerians into poverty

Meanwhile, on Monday, 15 August 2022, the National Bureau of Statistics revealed that Nigeria's inflation rate rose to 19.6 per cent in July 2022.

Data from the Consumer Price Index (CPI) report for July 2022 is the highest level of inflation rate since 2005, 17 years ago.

The high inflation rate has got many experts expressing worries, fears and opinions about why the cost of living is becoming too expensive.

Source: Legit.ng