Nigeria Is Economically Wrecked – Aregbesola

Aregbesola, said on Thursday that Nigeria is sinking economically with the dwindling revenue from the federation account.

He said all the citizens of the country must rise in support of the government by paying taxes to assist government in fulfilling its obligations.

The governor stated this on Thursday during the launch of Electronic Tax Clearance Certificate (E-TCC) facilitated by the State Internal Revenue Services, held at the Leisure Spring Hotel in Osogbo, the state capital.

Aregebesola, who appeared in a sober reflection, said: “You will observe that we do not observe our usual rites since the beginning of this programme. The terrible situation of our country calls for sober reflection. The crude, as at today in the international market, is $76, contrary to the $117 early this year.

“Since last year June, our allocation has reduced with 40 % and I was making noise. Since then, we have been battling with this critical situation and we don’t know where we are heading to, because the situation is becoming more and more terrible.

“ A friend from United States of America recently wrote me on the impending falling of crude oil price, and alerted me that by next year, crude oil price may not be beyond $50 per barrel. That is why we must find alternative means to run government. For those who understand, the nation is in serious trouble,” Aregbesola said.
The governor urged the people of the state to pay taxes, saying refusal of any citizen to pay tax is a disservice to any society.

According to the governor, the low income earners would be paying N4.17 per day making N1500 per month, adding that those in that category will pay N4,500 for three months to get the new electronic tax clearance card.
The Guest Lecturer, Mr Peter Olayemi, Director, Medium Tax Department, Federal Inland Revenue Service, while delivering his lecture on “Tax Regime as a Tool of Standardisation of Revenue From Informal Sector” said the best resources alternative to development is taxation.

Temitope explained that taxation is about the profit on businesses and according to the law, citizens must pay taxes from their businesses.

He therefore, urged the investors, especially the informal workers, to be keeping transaction records, with a view to assisting the tax managers, saying absence of record may lead to imposition of Best of Judgment (BOJ), which may not be in the interest of an investor.

He said: “In law, it is presumed that absence of transaction records is an attempt to evade tax, which will compel the tax managers to estimate the value of businesses and impose assumed due tax. This may not be in the interest of any businessman, but it is the position of law.”

Olayemi advised the people of the state to take the advantage of the electronic tax clearance certificate to improve their businesses and make life abundant in the society.

The State Commissioner for Finance, Dr Wale Bolorunduro, said tax clearance has become a very important document in Nigeria, as every transaction and business revolves around tax clearance and urged the people to take advantage of the new electronic card.