Nami’s lame lamentation on low income tax collections - Punch Newspapers

On Friday, the chairman of the Federal Inland Revenue Service, Mohammed Nami, lamented Nigeria’s low tax income and blamed it on lack of willingness by many Nigerians to pay income tax.

Nigeria with a Gross Domestic Product of $514.05 billion compared with Egypt’s $394.28 billion and South Africa’s $329.53 billion is driven by a hydrocarbon-dominated economy and its position is substantially sustained because of its oil resources and not as a result of its diversified production base.

What this means simply is that the countries the FIRS chief was comparing its income tax collections with are far ahead of Nigeria in terms of earning capacity of their citizen. Nigeria today has become a huge graveyard of dead manufacturing plants that, up until the mid 1990s, provided the solid base for the economic prosperity of the country.

As things are today, Nigeria seems not to be ready for the kind of work that would enable her to realise all her potential and produce the economy that helps the citizen to pay commensurate tax to increase its wealth. Cost of building per kilometre rail line or road in Nigeria is higher than in Kenya, South Africa and many other parts of the world for instance, meaning that Nigeria is not getting the right value for the amount of money being borrowed to finance such projects.

The many so-called billionaires being referred by the FIRS boss are over leveraged on debt while many of them could not genuinely explain the sources of their wealth; it’s therefore unreasonable to expect many of them to contribute to economic development positively.

Make him come cut our flesh now. They're looking for money to loot. Mtchew!

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