… as Akume, Tinubu’s daughter bag Top 10 Magazine awards
The immediate past Executive Chairman of the Federal Inland Revenue Service (FIRS) and Joint Tax Board, Muhammad Nami, has asked the Federal Government to stop relying on local and external creditors for support, saying the nation’s external debt has already hit the roof.
Nami, who was also the President of the Commonwealth Association of Tax Administrators (CATA), threw his weight behind the tax reform bills proposed by the Federal Government which are before the National Assembly.
He spoke during the weekend at the 9th Top 10 Magazine Man of the Year & Excellence Awards 2024 held in Abuja.
Secretary to the Government of the Federation, Sen. George Akume received the Top Magazine “Man of the Year”, while the daughter of President Bola Ahmed Tinubu, Mrs. Folasade Tinubu-Ojo was honoured with the “Woman of the Year” award respectively.
Recall that the Federal Government had sent the tax reform proposals (4 of them) to the National Assembly (NASS) with many expressing divergent views and opposition to the proposals, particularly the administration of the Value Added Tax (VAT).
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The former Chairman of FIRS, who was the guest speaker at the well-attended event, however, observed that the nation’s reliance on local and external creditors for support, was not healthy for economic growth and development.
He maintained that it was high time, the country begins to think out of the box in resolving her development challenges, stressing that the proposed tax reform bills have provided an excellent opportunity for the government to discard obsolete tax laws and modernise the tax system in line with global best practices.
He said: “Our economy is currently facing significant challenges. As a result, our revenue sources are depleting. In this regard, if urgent action is not taken, our future survival will depend on the mercy of the IMF, World Bank, and our local creditors.
“As a country, we must stop relying on local and external creditors for support, especially since our external debt has already hit the roof.
“According to the Debt Management Office (DMO), Nigeria’s total debt stock had risen to N143.3 trillion by June 2024. And our external debt alone may have risen to about $45.1 billion (approximately N75.32 trillion) by the end of the 2024 fiscal year. This is because, in the last quarter of 2024, the National Assembly approved an additional $2.2 billion borrowing request for Nigeria,” he stated.
Nami further highlighted the benefits of the tax reforms and called for careful review and speedy passage of the proposed Tax Reform Bills to unlock the potential inherent in the tax and fiscal space in Nigeria.
He added that passing the tax reform bills was only the first step, emphasizing that implementation would be the real test of Nigeria’s commitment to financial independence.
“For me, there are enormous benefits to implementing these proposals. The reforms aim to improve the ease of doing business in Nigeria by creating platforms to ease tax payments and incentivise taxpayers.
“They are also intended to improve the country’s competitiveness, improve the tax authorities’ capacity to generate more revenue for the three (3) tiers of government and align our tax system with the global best practices. They would also ensure that our tax system is equitable, fair, and efficient, fostering economic growth, and improve tax compliance by taxpayers.
“We have a big choice to make from wanting to continue to borrow money as a country to enable us to fund the majority of our budgetary needs or chart a new course by ensuring that we do not only carry out tax reforms for our dear country but implement these reforms after they are passed into law so that we become a truly sovereign nation that will no longer rely mainly on creditors( foreign and local alike) for survival.
“Left to me as a tax accountant, consultant, and administrator, I urge the National Assembly to proceed without further delay in giving the bills accelerated consideration and passage into law,” he stated.
Sen. Akume who was represented by his Chief of Staff, Hon Christopher Tarka, to receive the award, thanked President Tinubu for the opportunity given him to serve under his administration.
Tarka said the award was for all Nigerians and the political structure through which the SGF has risen to where he is.
He noted that Tinubu has started on a right course and Nigeria will be better under his leadership, adding that already security was better in the Northeast as farmers were now returning to farm.
According to him, the president has addressed the issue of framers/herders conflicts by establishing the Ministry of Livestock and recently signed a pact with the Brazilian Government that will enhance livestock production.
He called on Nigerians to support the President in his mandate to ensure the development of the nation.
Earlier, the publisher of Top 10 Magazine, Mr Tony Iji, praised the consistency of the publication, since its debut in 20016, in promoting excellence and celebrating people.
Iji noted that the magazine has become a flagship for many comers to the industry to copy from.
Chairman of the award ceremony and General Manager of the Nigerian Television Authority, NTA, Salihu Abdulamid, noted the consistency of Top 10 Magazine in the nearly one decade of its operation.
Represented by Oganya Simon, Abdulamid noted that the Magazine has consistently recognised high performing individuals in different sectors of the country.
He assured Top 10 Magazine of NTA’s continuous support through media coverage of its events and to play its role in whatever is good for national development.
He also urged the awardees to continue with the good work they have been doing.
