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What Buhari’s tax regime would do to foreign investors – Prof Ajibola
Recall that the federal government, in a circular on April 20, 2023, hinted at the implementation of taxes on telecommunications services, alcoholic and non-alcoholic drinks, and vehicle excise duties.
In a chat with Newsmen on Monday on the emerging tax regime, Prof Ajibola disclosed that the harsh tax administration system would worsen the ease of doing business index.
Accordingly, the university don said the government should concentrate on widening the tax net rather than increasing taxes.
He added that the government should expand its tax net on the informal sector to reduce revenue leakages.
“Tax revenue is a significant component of non-oil revenue in Nigeria. However, a tax regime must not stifle business. A harsh tax administration system worsens the ease of doing business index and scares away, especially foreign investors. Businesses are already complaining about multiple taxes and levies, some illegal. But rather than jerking up existing tax rates, the government should concentrate more on widening the tax net to reduce the incidence of tax evasion to the barest minimum.
“Likewise, the government should spread the dragnet to the informal sector to reduce revenue leakages. Government can tax injurious and luxurious commodities but not basic consumables. Otherwise, the welfare of the citizenry would be impaired”, he stated.
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Installation of e-gates at airports is to enhance national security – Minister
Minister of Interior, Dr Olubunmi Tunji-Ojo says the installation of e-gates at the five international airports in the country will enhance national security.
He also said it would ensure seamless processing of passengers coming into and going out of the country.
The minister made the remarks on Friday when he inspected the newly installed e-gates at the Nnamdi Azikiwe International Airport, Abuja.
Tunji-Ojo said that from the preliminary test conducted, it will take less than 30 seconds to process passengers with valid passports, thus reducing the delays and inconveniences hitherto faced by passengers.
He said about 21 e-gates would be installed at Lagos airport by the end of April, while those in Kano, Port Harcourt, and Enugu would be ready by the third week of May.
“Having tested it on various scenarios, we saw that a Nigerian carrying a valid passport will only take less than 30 seconds to be checked in, which I think is a record time.
“We have also tested it with people carrying other people’s passport, and we saw that it is practically impossible for people to use another person’s passport to gain entrance into the country unlike in the past.
“With what we have also seen, it is practically impossible to enter into the country with an expired passport,“ he added.
According to him, the scanners will enhance the nation’s security architecture and enable immigration officials to work seamlessly.
The minister thanked President Bola Tinubu for his support towards making the project a reality.
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