Nigerians pay one of the highest implicit tax rates in the world — Adesina
President of the African Development Bank (AfDB) Akinwumi Adesina, has said Nigerians are one of the highest payers of implicit tax in the world.
According to him, Nigerians are not not enjoying basic infrastructure despite paying high taxes.
Adesina said this while speaking at the first national tax dialogue organized by the Federal Inland Revenue Services (FIRS).
He lamented that Nigerians pay higher implicit taxes more than developed nations. Adesina explained that Implicit taxes are levies that are borne but are neither seen nor recorded.
“Truth be told, Nigerians pay one of the highest implicit tax rates in the world — way higher than developed countries,” he said.
The AfDB boss stated Nigerians provide electricity, road, security, water, among others, for themselves with their own monies.
“Think of it: they provide electricity for themselves via generators; they repair roads to their neighborhoods, if they can afford to; there are no social security systems; they provide security for their own safety; and they provide boreholes for drinking water with their own monies,” he added.