Rep Ghali Tijani (NNPP-Kano state) has urged the Federal Government to explore the abundant mineral resources across the country to generate revenue for national development.
Tijani who made the call while addressing newsmen in Abuja, said that the four tax reform bills before the National Assembly would add to the burden of poor Nigerians.
The News Agency of Nigeria (NAN) reports that the bills are: Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill and Joint Revenue Board Establishment Bill.
NAN also reports that the bills, among other things, seek to increase government revenue, provide fiscal framework as well as clear and concise legal frameworks for all taxes in the country and reduce disputes in tax administration
Tijani who represents Albasu/Gaya/ Ajingi Federal Constituency of Kano state said that the bills, if passed into law would increase VAT by 100 per cent within six years.
“I have read the bills and there are two major areas of concern, the derivation as well as the increase in the VAT system.
“Section 146 talked about the increase in the VAT from 7.5 per cent to 10 per cent to 12 per cent and to 15 per cent by 2030.
“Nobody will tell you that this will not be transferred to the final consumer; no matter what,” he said.
The lawmaker said Nigeria is losing a lot of revenue through tax evasion and transfer pricing manipulation.
He urged the federal government to block leakages rather than taxing more people and companies in the country that are willing to invest and employ more labour.
“Nigeria has a lot of opportunities to get revenue and Nigeria is not looking in that direction. Let me give you typical examples.
“Our mineral resources sector has not been tapped adequately.
“If Nigeria is looking for revenue, government should invest in mineral resources, in mining, and do the necessary investments. The resources definitely will come to the country,” he said.
He called on government to rather consider tax holidays to enable small and medium companies have a space to generate capital and employ more hands.
The lawmaker said that tax holidays will increase opportunities for Nigerians to be well-employed and increase purchasing power to contribute to the economy. (NAN)
