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FIRS gives all tax paying Nigerians until Mar 31, to file personal income tax returns
x | March 30, 2012
All tax paying Nigerians have until March 31, 2012 to file their personal income tax returns or face sanctions, the Federal Inland Revenue Service, FIRS... (1) Comment



"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
OMOTAYO, J. A.    Lagos, NIGERIA    April 02, 2012
the late Jamaican musician, Peter Torch, sang: "Every one is crying for peace, eh; None is crying for justice". He went further that he wanted no peace but equal right and justice.

May his soul rest in peace, amen. How does this song apply to the sissue of taxation in Nigeria? It is very simple. I shall illustrate with three examples:
First, tax is required of every working adult. A working adult is an employed adult. And employment has its root in job creation. Job creation is wealth creation.

Wealth creation is revenue factory. Revenue factory is tax compliance. But in NIgeria, millions are unemployed. How the millions unemployed will get jobs to do has never been part of the thinking of those in government.

Buildings, workshops, market stores, etc have been pulled down by those in governemnt to plant flowers in Lagos, Rivers, Edo, etc. These are sources of daily income destroyed. No one is thinking of the pain and agony that those affected are passing through. If their blood could be converted into cash, some government officials would recommend all in the name of revenue generation.

Second, tax is needed for development. This implies prudence in spending by governemnt. In 1998, the total budget was N260 billion. In 1999, it rose to N330 billion. These values included for reccurent and capital expenditures, debt servicing and statory transfers. But today we budget over N2,500.billion for reccurent expenditure alone. What caused such increase, prudence?

In 1999, the total external debt burden was $28.5 billions. By 2007 even when all debts were serviced from year to year and we had $12 billions in debt forgiveness, we had the following results. We paid $18 billions and GBP 3.5billions ($5.5 billion approx), we were still owing $3.5 billions. Simple Arithmetics show that $12 + $18 + $5.5 + $3.5 = $39 billion. But we were told that our total debt was $35 billion before the debt forgiveness and debt repayment.

What caused the difference in all these Arithmetics, patriotism? And many more!

God save Nigeria.
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