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There Will Be No Tax Waivers For Anybody In My Government — AAC Presidential Candidate, Sowore Assures Nigerians

Sowore
November 23, 2022

Sowore explained that the practice of tax waivering was only for the benefits of the few rich people at the expense of the socio-economic growth of the country.

The African Action Congress’ presidential candidate, Omoyele Sowore, has promised that every corporate body and individuals will pay taxes if he is elected as Nigerian President in 2023.

Sowore who said this during an interview session with the International Centre for Investigative Reporting (ICIR), explained that the practice of tax waivering was only for the benefits of the few rich people at the expense of the socio-economic growth of the country.

He said, "The way I will start this, considering the fact that the employment rate is low. Our tax to Gross Domestic Product (GDP) is also very low. It is to expand the first and foremost collection of taxes. And when we are talking about taxes, people must understand the implication of corporate welfare in Nigeria. What have we lost, for instance, to the few rich in the country, waivers alone is N16trillion; has been given to few business men and women in Nigeria. Starting from 2023, there is not going to be a waiver for anybody in our government.

"The amount of money that Assets Management Corporation of Nigeria (AMCON) took to bail out people who engage in bad habits, mostly business people, is N5.3trillion; that is the official amount and that is AMCON one. We have not calculated AMCON 2," he added.

He further added that his government would also generate funds by exploiting some abandoned natural resources to finance certain significant projects that would make Nigeria compete in the global economy.

It may be recalled that Oxfam International, a confederation of 20 independent charitable organisations focusing on the alleviation of global poverty, had reported that Nigeria loses about $2.9 billion (about N580 billion) yearly to tax waivers granted to multinational companies.

The Senate Committee on Finance had also reportedly rejected the N6 trillion tax and import duties waivers proposed by the Nigerian government in the 2023 budget, stating that wastages and leakages must be blocked.

Subsequently, the Minister of Finance, Zainab Ahmed, was directed to cut down the tax waivers by half to N3 trillion, to offset the N12.43 trillion deficit of the N19.76 trillion proposed as expenditure for the 2023 budget.

Topics
Politics Taxes