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Oil slump: LASG stresses importance of tax revenue

By on May 15, 2015

Governor Babatunde Fashola of Lagos State says governments can only survive on taxes as declining oil prices and soaring debt profile continue to hit governments.

He stated this at the inauguration of the Chartered Institute of Taxation of Nigeria’s new office building in Lagos.

He said, “Without taxations Nigeria will not survive. General Muhammadu Buhari is not a miracle worker. If we do not equip him, he will not be able to perform. How many individuals and corporate entities are supposed to be paying taxes in Nigeria and are not paying?”

Fashola, who was represented by his Special Adviser on Revenue Matters, Mr. Bola Shodipo, called on tax professionals to assist governments to generate more revenue in order to boost economic growth and development of the country.

The founding President, CITN, Mr. David Olorunleke, who was at the event, congratulated the institute the new office building.

He said, “I congratulate you all. Over the years, many presidents have been battling to build a secretariat for the CITN. We had an unfortunate incident, one of our rented office apartments collapsed; fortunately we did not lose anybody. Here we are today, working under our own roof; we should thank God.”

Olorunleke, however, maintained that the tax profession had come to stay in Nigeria.

“Let me say that with respect to the institute itself, we have come to stay. Without taxation, we cannot achieve anything. The revenue which tax collectors gather is what the nation relies upon to develop,” he said