Taxation Is The key To Economic Development, Good Governance -Experts

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Taxation Is The key To Economic Development, Good Governance -Experts.

Taxation is a veritable tool that if harnessed, could be used to boost local economies in the country, address the problem of restructuring, generating employment opportunities and curbing agitations by ethnic nationalities in the country

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This was the view of Friday Ameh Agbo (FCA) an accountant and a staff of New Nigeria Development Company Limited (NNDCL)

Mr. Agbo was speaking at a

workshop titled “An alternative Model On Restructuring: Taxation, A Tool for Economic Diversity and Good Governance” jointly organised by Alter Konsult Konsult and Kadpoly Consult on Tuesday 19th March, 2019 .

He added that, if taxation was employed as a tool for economic planning, it will engender good governance, translate to diversifying the economy as well restructuring it to meet the comparative advantages of the local  component units of Nigeria and therefore, creating local jobs while boosting the financial base of local government areas within the federation.

He explained that in order to end ethnicisation, regionalization of restructuring, taxation as a tool for economic diversity and development should be adopted by Nigeria’s policymakers.

In his discussion, Prof.Kabiru Isa Dandago of Bayero University Kano (BUK) further lend credence to Mr.Agbo’s submission .

“The paper presenter is all out to promote the importance of taxation for sustainable economic development.

“He has been worried that the call for restructuring of Nigeria has taken a dangerous and confusing dimension as many have erroneously felt that restructuring simply means  sharing of political and economic positions, resource control or some describe it as regionalization, however, the best way to restructure the country is to adopt taxation as central to governance, to the economy and to politics

“Whatever the politicians do, they should look at taxation as source of revenue and as a way of exercising control and regulation of the economy and stabilizing it.

“For the economy to make any progress, we need to make the country tax based and good governance would only be possible if we have a stable and veritable  source of revenue and taxation is the only veritable source of revenue.

“If you make taxation central to the country, then it is clear that you ‘re restructuring the country in a away that the ordinary man in the country would understand and he would benefit.

“Everybody would benefit if taxation is made central as no one would sit idly by and watch his or her taxes  being emblezzled.Thus , taxation  would remove corruption in the economy but if you remove taxation from the economy, corruption and laziness sets in”.

Prof.Dandago drew comparison between developed countries and developing countries: saying that developed countries are where they are today because they made taxation central to their economies while the later placed premium on natural resources which are depletable and prone to corruption.

“Human Capital development in Nigeria is very weak, government must understand that  human capital development is all about education of individuals from primary school to university .People must get quality education.

“Secondly, training of people in the field of vocation and again people must have ethics .If all these are encased in Nigerian populace, then we are there.

“The major difference between a developed economy and an underdeveloped economy is the utilization of taxation.While developed economy depend on taxation, backward economies do not give taxation a second thought,

“If we want to develop Nigeria then taxation is the key”,the proffessor added.

In his keynote address, chairman of the session and former president of the Chartered Institute of Taxation of Nigeria (CITN),Mr Kamoru Adigun Ayodele said, the model using the instrumentality of taxation to recreate the economy of the nation was to create a platform that all hands must be on desk to proffer solution to the challenges bedevilling the nation such as insecurity, youths restiveness and economy stagnation.

He added that government has a role to play in providing enabling environment for local industries to strive ,find market for them as well as building infrastructure towards addressing unemployment to enable them serve as strong revenue base for the nation where strong tax system can evolve .

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