Minister Nyesom Wike calls on Nigerians to fulfill their tax obligations, stressing the importance of taxation in supporting government revenue and national development.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, emphasizes that all levels of government must generate revenue to deliver social services for Nigerians.
On Wednesday in Abuja, Wike addressed attendees at the inaugural edition of the Abuja Business and Investment Summit, which was organized by the Abuja Investment Company Limited.
The ex-governor of Rivers State stated that the event’s theme, “Optimizing Investment Through Partnerships,” aligns with the Federal Government’s initiative to harness collaboration for enhancing investment opportunities.
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The FCT minister stated that the belief that the government doesn’t require funds is mistaken. Highlighting instances where collaborations between the government and private sector failed, Wike mentioned that they will no longer allocate billions of naira and land to investors unable to assure a return on investment.
These are the sorts of things that the government examines, questioning how they can generate revenue and utilize land effectively, yet ultimately not earn anything from it.
When people claim that the government isn’t supposed to generate revenue, where did they get that idea? If the government doesn’t make money, how can it fund services? The government needs financial resources.
This is why the government emphasizes the importance of paying taxes. While we create a supportive environment, we also aim to encourage investors so that you receive your due benefits and the government receives its rightful share. In this way, everyone’s needs are met, ensuring mutual satisfaction for all parties involved.
The minister’s remark came after the Federal Government decided to implement a 25% effective tax rate on wealthy Nigerians who earn ₦100 million or more per month in the country.
