CITN, the Chartered Institute of Taxation, Nigeria has issued President Bola Tinubu a warning to slow down the adoption of radical economic measures in order to prevent disrupting the Nigerian economy.
The suggestion was given by CITN President Samuel Agbeluyi to journalists on the margins of the 3rd Joint Council Retreat of CITN and the Association of National Accountants of Nigeria in Abuja.
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“We commend the government for beginning on a positive note by eliminating the fuel subsidy, which has benefited no one in the country,” he said.
The elimination of waste is a significant step taken by this government.
We also applaud the President for establishing a committee to modernise the tax system in the country.
We would advise the government to be cautious in some of its decisions; for example, the impact of the removal of subsidies, which resulted in the present price of gasoline, is significant on citizens.
To avoid a severe shock, we may need to hold down the implementation of other policies. I’ll use the projected increase in power tariff as an example; when combined with what is now in place, it will cause some system dislocation that may be difficult to handle.”
“Tinubu started well and requires everyone’s assistance,” he said, adding that “we have appreciated the government’s measures.”
At this point, can we handle what we have introduced and slowly introduce other policies so won’t dislocate the system.
In response to the need for palliatives, Agbeluyi stated that proper coordination is required, but he is opposed to the transfer of cash to individuals.
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“CITN has been talking about palliatives not just under this government,” he said. One element is that the government’s policies and efforts must be coordinated.
The premise of a cashless economy is to pull people into a net where you can collect information about them.
