Some Taxes, Levies Not Remitted To Govt – Edun

By Oduyemi Odumade

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says some of the taxes and levies collected in the country were not remitted to the Government coffers.

The Minister who stated this when he appeared before the House of Representatives Committee on Appropriation said although there was multiplicity of taxes and levies in the country, only nine of such taxes are paid to the government’s revenue account.

The minister also said that presently, the Government does not have enough revenue to fund critical infrastructure in the country, hence the need to look inwards

Edun said the government was revamping the collection of Value Added Tax (VAT) to ensure that revenue from VAT goes directly to government coffers from the point of sale.

The Minister, who denied plans by the government to increase taxes, said government’s plan was to increase efficiency in tax collection while expanding the tax net to ensure that all those who are supposed to pay tax but are not, are made to pay.

He said the government was compressing the multiplicity of taxes in the country while placing less emphasis on borrowing from foreign sources such as multilateral institutions.

According to him, Government through the Nigeria National Petroleum Corporation Limited and the Ministry of Finance Incorporated was compiling a list of its assets to determine the cost of such assets.

He explained that the government was giving about one percent of its Gross Domestic Product (GDP) to waivers every year, adding that in 2024, the government emphasis was on increasing government revenue.

Edited By Grace Namiji