The Governor of Rivers State, Siminalayi Fubara has stated that increasing revenue through taxation is crucial to the country’s progress.
He emphasized the urgent need for Nigeria to address its current economic challenges.
The Governor stated this while declaring open the 156th meeting of the Joint Tax Board with the theme: “Opportunities and Strategies for Improving Taxation of High Net-Worth Individuals in Nigeria,” held in Port Harcourt.
He argued that Nigeria’s economic situation requires increased revenue, and that taxation is a vital tool for government to collect public revenue and provide public services.
The governor highlighted the importance of taxation, stating that without adequate revenue, it would be difficult for the government to meet its obligations to provide public services and advance the collective security and prosperity of citizens.
He said, “Consequently, the tax system is a matter of great interest to all Nigerians because without adequate revenue it will be difficult for the government to meet its obligation to provide public services and advance the collective security and prosperity of the citizens.
“With a nation struggling economically, with high inflation, state governments are seriously overwhelmed by the lack of adequate resources to deliver development and commitment that they had made to their citizens.
“The solution lies in maximising the collection of tax revenue by the government at all level if we must continue to function and provide public services.”
He added, “In Rivers State, our Approach is not to impose more tax on our people but to broaden our tax base without increasing the rate, which has enabled to generate more internal revenue as evidence in the increasing collection figure on a month by month basis.
“Apart from keeping us working with the collection that we are making, we are responsible. We are also using these resources to improve critical infrastructures including roads, schools, security and healthcare across the state.”
To address the current economic situation, Governor Fubara advocated for a fair, efficient, and effective tax system that promotes economic growth and development.
He urged the Joint Tax Board to develop policies that encourage high net-worth individuals to pay fair taxes voluntarily, while also channeling their excess resources into productive economic building and investment.