Recession: Atiku tells government to collect more tax to solve economic problems

Atiku Abubakar

Atiku said further that improving the tax system would ensure that the government lives within its means.

Former Vice President, Atiku Abubakar has urged the government to rely on taxes to get Nigeria out of the current economic crisis.

Atiku said further that improving the tax system would ensure that the government lives within its means.

The former VP made the comments on Wednesday, September 28, during an event organized by the Chartered Institute of Stockbrokers (CIS) in Lagos.

“We can’t just borrow our way out of our oil addiction. Our governments must live on taxes, the way other democracies do,” Atiku said according to The Nation.

“It will help us live within our means, as it means government can only spend what the people can bear. It will help ensure accountability as tax payers are more likely to ask for accountability when the money comes directly from their pockets.

“It is, therefore, clear that rather than praying for higher oil revenues, we should seize the current opportunity to get over our addiction to oil revenues. Discovering new oil wells in the north or south is no substitute.

“Government should look to sustainable sources of revenue, mainly taxes, duties and other levies. And it can only enlarge the tax base by encouraging diverse economic activities right across the country and investing in human capital development to produce the entrepreneurs, inventors and workers of the future,” Atiku added.

ALSO READ: Pat Utomi blames Buhari administration for recession

Meanwhile Finance Minister, Kemi Adeosun has said that Nigeria is already on its way out of the current recession.

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