The Federal Government has sounded a note of warning to Nigerian billionaires and millionaires who evade tax payment to expect actions against them very soon.
Minister of Finance, Mrs. Kemi Adeosun, gave the warning in Lagos State when she spoke during a colloquium to mark the 65th birthday anniversary of the state’s erstwhile governor, Senator Bola Tinubu.
Regretting that Nigeria has one of the lowest tax regime ratios globally at six per cent, Adeosun hinted of government plans to introduce a new tax regime.
“It is a pity that Nigeria has one of the lowest tax regime ratio globally at six per cent. The only country that is lower than us is Oman. We have so many wealthy entrepreneurs, who have managed to develop habit of not paying tax, we need to correct that.
“When the administration of Tinubu, as Lagos State governor, introduced a new tax regime, he became unpopular, but, today, when we see the infrastructure, I don’t think anyone will blame him for his action.
“I take this opportunity to reach out to the millionaires and billionaires that you will hear from me, soon. It is a shame that we are one of the largest owners of crude oil, but, we cannot enjoy the revenue from it. Oil has proven that it would be an unreliable source of revenue,” she said.
Adeosun further revealed that one of the approaches President Muhammadu Buhari’s government plans to use and boost the country’s ailing revenue is through tax mobilisation.