Chairman of the Nigerian Economic Summit NESG, Niyi Yusuf.

Stakeholders in Nigeria’s economy have made a strong case for the enthronement of a new regime of efficient tax administration in the country that makes for easy collection as well as widening the tax net to enhance revenue generation. This juxtaposes with the current system, where tax agencies increase taxes frequently and over -burden the payers.

Speaking at the 2023 edition of the Vanguard Economic Discourse with the theme: “Taming Inflation and Stimulating Growth: The Place of Fiscal & Monetary Policies”, Chairman of the Nigerian Economic Summit Group, NESG, Niyi Yusuf, noted that the country at this point needs to institutionalise efficiency in the administration of its tax collection systems.

The NESG is a non-profit, non-partisan private sector advocacy organisation with a mandate to promote and champion the reform of the Nigeria’s economy into an open, private sector-led globally competitive economy.

The NESG-boss, who delivered the Keynote speech at the event, which held in Lagos, Wednesday, also noted that Nigeria needs to improve more on widening the tax nets as opposed to increasing taxes with the attendant burden on the few payers

He said: “We do not need a fixed tax. All we need is efficiency in the way we collect our taxes. We also need to think of innovative ways to attract capital as opposed to oil. Nigeria is a nation that requires huge capital to build infrastructure; to build hospitals, to build schools.

“Another thing is we need to encourage private capitals to drive more development projects. But, those private investors will also be assured that when they are deliberate about capital, they will also have physical access to foreign exchange.

“To do the hard work of inviting the private capital investments, what is more important is the stability of the rates and that everybody has access to the foreign exchange at the same rate.”

Another stakeholder and former Chairman of First Bank of Nigeria, Ibukun Awosika, while speaking at the event, charged the media to uphold its social responsibility role in the country, which she insists is fundamental and could better the lot of Nigeria.

“challenge the Vanguard of this world to continue to be the conscience of the people and that should not be forsaken. We have to live up to our responsibilities in upholding sanity in our socio-economic and political and leadership systems”, she said.

While urging the Nigerian government to address the loopholes in the economy to prevent the worsening brain drain (Japa syndrome), which is currently threatening the country, Awosika also called on the Vanguard and other media houses to tell the public the truth to address this brain drain problem.

The well- attended event, which also turned out to be a gathering of the la crème of the Nigerian financial sector, also featured key actors and policy executives in Nigeria’s economy.