Economy

Reduce tax of low income earners to grow nation’s economy – Expert advises FG

Published

on


Mr Okechukwu Unegbu, a financial expert, has advised the Federal Government to reduce tax of low income earners and small investors to encourage investments, boost job creation and grow the nation’s economy.


Unegbu, who is a former President of the Chattered Institute of Bankers of Nigeria (CIBN), gave the advice in an interview with News Agency of Nigeria on Tuesday in Abuja.

According to him, reducing tax of low income earners and small investors will encourage more investments, boost job creation and grow the national economy.

He, however, suggested that wealthy Nigerians should be made to pay more tax.

“The immediate step to take for government to grow the economy is to reduce tax at the lower level, while high income earners and big investors should be made to pay more tax.

“This will help businesses grow, and make more money available for investment,’’ Unegbu said.

Unegbu also urged the Federal Government to improve on its fight against corruption to attract more investments into the economy.

He said that direct job creation was another sure way for government to fast track economic growth in the country.

“Official corruption poses a disincentive to investment and economic growth. It should be tackled with renewed vigour.

“Government should also take immediate steps to create jobs and reduce unemployment in the country.

“The plan by the Federal Government to create 774 thousand jobs across all Local Government Areas in Nigeria is laudable; it will expand the tax net thereby improving government revenue,’’ he said.

He urged government to fast track the initiative and address controversies that have bedeviled the job creation initiative.

Unegbu called on the Federal Government to address the rising debt profile of the country.

“There is nothing wrong with borrowing, so long as the loan is used for the purpose for which it was taken.

“The N31trillion debt as recently revealed by Debt Management Office is alarming. The interest alone is on the high and will be difficult to service.

“The managers of the economy should endeavour to look inwards for better finance options rather than continue to depend on foreign loans for infrastructural development,’’ he said.

Edited By: Deji Abdulwahab/Grace Yussuf
Source: NAN

 

 

 

 

https://nnn.ng/reduce-tax-of-low-income-earners-to-grow-nations-economy-expert-advises-fg/

Tinubu commiserates Fayose over sister’s death Don urges labour leaders to shun selfish interest to earn public trust NGO to celebrate 60 outstanding Nigerians at diamond jubilee No gratification to process, effect outstanding payment – PTAD Bwari-Dutse traffic: FCTA to mobilise contractors back to site Ogun community demands king after 15 years of vacant stool  PDP calls for articulate strategies to mitigate flood  Anglican Primate wants programmes to cushion hike in petrol, electricity tariff YouTube reveals top tips of getting most of its music Edo Election: Govs. Buni, Bello meet Ize-Iyamu in Abuja LASG urges small, medium businesses to go digital Plateau teachers decry non-implementation of new minimum wage NASSI seeks more tax, levy waivers for MSMEs Oyo govt. leases Agbowo Shopping Complex, seals 50 years concession with investor United States expresses satisfaction over peaceful conduct of Edo election  CAS inaugurates 11 areospace ground equipment in Benue Engage professionals to make Nigeria work again — Chief Tola Adeniyi Lokoja Explosion: Buhari expresses concern, mourns victims Edo Guber polls: Solace from Gov. Wike paid off – Obaseki Fistula Foundation targets 50 VVF patients in free surgery in Sokoto Buhari greets ex-Abia Dep. Gov., Chris Akomas at 60 Niger Delta communities demand 13% oil, gas derivation funds LASG lists new standard operating procedures for abattoir operations — Commissioner Sweden friendly moved to Russia over virus entry restrictions Ondo poll: Don’t allow crisis to escalate among parties, INEC charges staff Baby factory, child abuse, other similar vices endemic in Enugu State — NAPTIP Court dismisses suit against Zamfara govt over dissolution of LG Chairmen NOTAP calls for more funding for research to accelerate Nigeria’s development Frank de Boer favourite to be named new Netherlands coach Ondo 2020: There is gang up against us — APC spokesman Gov. Lalong condemns murder of traditional leader in Barkin-ladi LGA APC Professionals Forum to partner NAN to achieve FG’s 9-point agenda Gov. Zulum launches 1m trees planting campaign in Borno NPA expects 19 ships with petroleum products, others at Lagos port AFAP pledges to make Lagos food processing hub Bayern Munich, Schalke, Eintracht Frankfurt warned for coronavirus concept breaches Buhari to attend Guinea Bissau National Day Celebration, inaugurate road named after him NAFDAC seals 2 fake drug factories in Kano Group promises to end touting in Abia Magu Probe: group cautions against Malami’s appearance as witness De Bruyne, Lewandowski, Neuer on UEFA player of the year shortlist Mali: Court fixes Friday to hear suit challenging ECOWAS sanctions HP, AUC sign MoU to foster entrepreneurial skills in Africa Gov. Sule approves N300m for payment of gratuities in Nasarawa UK Group supports 100 Nigerian businesses with $425m COVID-19: UNICEF, FG organise stakeholders’ dialogue on safe school resumption  Lagos Govt hands over 51 vehicles, 8 houses to judges NGO tasks farmers on climate smart agricultural practice NDLEA seizes 1,500kgs illicit drugs in Zamfara ASUU strike doing more damage than good to university education- NAS President