Former Nigerian presidential candidate Peter Obi has provided insightful recommendations to the administration of President Bola Tinubu regarding the ongoing tax reform efforts.
Obi emphasized the importance of creating a fair and efficient tax system that not only boosts government revenue but also supports economic growth and development.
"Tax reform should be approached with a focus on equity and simplicity," Obi stated, highlighting the need for a system that is easy to understand and administer. He suggested that the government prioritize broadening the tax base by incorporating more informal sector participants into the formal economy.
This, he argued, would ensure a more equitable distribution of the tax burden across different income groups. Obi also advised the Tinubu government to invest in technology and data analytics to enhance tax collection efficiency. "Leveraging technology can significantly reduce tax evasion and improve compliance," he noted, pointing out that digital tools can streamline processes and provide real-time insights into taxpayer behavior.
Furthermore, Obi noted the importance of transparency and accountability in the use of tax revenues. He urged the government to clearly communicate how tax funds are being utilized to foster public trust and encourage voluntary compliance.
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