Moghalu gives reasons FG shouldn’t increase tax

A former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu has kicked against calls to the Federal Government to increase taxes.

Moghalu in a tweet on Monday said increasing taxes in the country will not solve Nigeria’s economic crisis.

According to him, the country needs more efficient and widespread tax collection.

He tweeted: “I disagree with @IMFNews call on Nigeria’s government to increase taxes. That will not solve our economic crisis. What we need is more efficient and more widespread tax collection. Millions who should pay taxes don’t. Then we need to spend better, curb waste and corruption.

“In tax breaks, we have tax collection, revenue generation and revenue allocation/spending problems, not tax increase problems. Of course, many avoid paying taxes because they simply don’t trust government. Trust must be restored in a verifiable manner, with increased transparency.”

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