Business

Harmonisation of taxes, policy direction will unlock Nigeria’s non-oil sector – expert

Published

7 years ago

September 22, 2019

Feyijimi Emmanuel

By Chioma Obinagwam

There should be harmonisation of Nigeria’s tax system if she must break the jinx of mono economy.

The Head of Tax and Corporate Advisory Services, PwC Nigeria, Taiwo Oyedele disclosed at the 2019 Finance Correspondents Association of Nigeria (FICAN) 2019 Annual Conference, held in Lagos on Saturday.

“There are about 354 taxes in Nigeria but the Federal Inland Revenue Services (FIRS) made 98 percent of its revenue from four Taxes but all the states made 90 percent of their revenue from one tax- Personal Income Tax,” he said.

He emphasized that over taxing businesses stifles the economy and discourages new businesses from springing up, hence a major disincentive to economic diversification.

He frowned at the creation of conflicting policies in the country and highlighted the need for policy direction.

He further noted that unlocking opportunities in Nigeria’s non-oil sector also lies in investing in the education of Nigerians.

“We have to start first by educating ourselves so that we can say to government, ‘this thing is not working again so that we can do things differently.'”