Experts in management sciences in the country have identified multiple taxation as a major challenge bedeviling businesses and manufacturing industry in the country, especially, in the face of Nigeria’s current economic reforms.
Speaking at the 2024 annual public lecture of the faculty of Management Sciences of the University of Ilorin, titled, Government Economic Policies: Prospects, Challenges, and the way Forward for Businesses and Households, the experts in academic and businesses, said that multiple taxation has stifled growth of businesses in Nigeria.
The public lecture was organised by the university’s faculty of Management Sciences, reports Nigerian Tribune.
The general manager of Kam Industries, Abdulfatah Adeyemi, urged the government to streamline issue of taxation so that businesses would be able to make profit and give adequate taxes to both the state and federal government.
He said, “Manufacturers Association of Nigeria (MAN) had collectively looked into the issue and escalated it. The issue of multiple taxation is an issue that has not allowed businesses to grow in Nigeria.
“The earlier the federal government looked into it, the better. Also, agencies that are superintending over the issue of taxation should not bombard businesses to charge them over the same thing over and over again.
“It’s better for government to streamline issue of taxation so that businesses would be able to make profit and give appropriate and adequate taxes to both the state and federal government.
“In some countries, businesses that are export prone are given tax incentives and holidays so they can accrue revenue for the country and help the federal government to accrue revenue because they would pay royalty to government on whatever they earn and it will help Nigeria to have foreign reserves.
“And you know foreign reserve is what a lot of government leverage on to bail out their currencies and their businesses nationwide.”
Also speaking, Professor Rapheal Ayodele Gbadeyan and Professor Abubakar Sadiq Kasum, of the faculty of management sciences, University of Ilorin, said that the way forward to address the nation’s current economic challenges and capitalize on opportunities is to strengthen policy consistency and implementation.
The scholars said that ensuring clear, transparent, and timely implementation of policies can improve outcomes and build public trust.
They also said that government should enhance agricultural and industrial productivity by investing in technology, mechanization and supply chain improvements.
