Nigerians must pay tax promptly – Osinbajo

NEWS DIGEST – Vice President, Yemi Osinbajo has emphasised the need for the prompt payment of taxes by citizens to enable the government to address the country’s various challenges.

He pointed out that the country’s fiscal challenges were tied to inadequate revenue especially in the face of lower oil revenue.

Professor Osinbajo credited providence and good policies of President Muahmmadu Buhari’s administration as the factors that had enabled the country to cope with economic pressure especially during the trying moment of the COVID-19 pandemic.

The VP, who spoke in Jos on Saturday at the graduation ceremony for 85 participants of Senior Executive Course, SEC 43, 2021 at the National Institute for Policy and Strategic Studies, NIPSS, Kuru, Jos, Plateau State, also called on the new members of the national institute, (mni) to be in the frontline of promoting the nation’s unity.
According to him, “…There are possibilities, we are not facing an uncertain future. Generalized restrictions on trade are counterproductive especially when they impede the ability of local industries to procure inputs.

“Our focus would be on allowing import of goods to which value can be added for domestic consumption and exportation for example importing cotton for garment making.
“Someone may argue that we should ensure that we grow all our cotton but the issue is that where the jobs are created, it is in value addition. Bangladesh for example only grows two per cent of their annual cotton requirement but it is the largest garment exporter in the world. It imported $11.8billion of textile and apparel while it exported $31billion worth of garments in 2019, much higher than what it imported.