The Social Democratic Party (SDP) presidential candidate in the 2023 election, Prince Adewole Adebayo, has criticized former Speaker of the House of Representatives Yakubu Dogara’s claim that President Bola Tinubu’s tax policy is revolutionary.
Adebayo argued that President Tinubu is taxing Nigerians out of productivity instead of into productivity, a move he said could shrink the economy.
He added that everyone knows President Tinubu, even in his private life, is a well-known tax collector.
Adebayo stated: “So that tax collector experience is an improvement over the disorganized system he inherited. He successfully implemented tax collection in Lagos, and now he’s doing it in Abuja. The problem is that Dogara’s grandiose speeches are overstating the impact.
“This reform is acceptable—not the best, but far better than what existed before. However, it’s being oversold because many other factors have reduced the real value of the N14 trillion collected this year compared to the system on the ground.”
He insisted that the N14 trillion allegedly collected in taxes this year has less real value than the N7 trillion collected last year.
Adebayo cautioned against celebrating the figures, pointing out that people’s purchasing power remains weak:
“If you look at it in real terms, what can you actually buy? The purchasing power of N14 trillion this year does not match that of N7 trillion last year. We should not over-celebrate, but it is positive to have a tax policy administered by people who understand it.”
On Tinubu’s tax system, Adebayo said he has a better, more equitable, and realistic tax policy that he will implement if the SDP wins and he assumes office:
“I have a better tax policy than the current system, but I’m not running the government. This is what they have chosen. When the SDP wins and I take office, I’ll introduce a fairer, more equitable, and realistic tax system that boosts the Gross Domestic Product (GDP).”
He emphasized that taxing Nigerians out of productivity, rather than into productivity, will shrink the economy:
“The problem is that if you tax people out of productivity, spending slows, no new jobs are created, new industries won’t emerge, and the economy contracts.
“The economy must shrink if you are not investing in infrastructure or creating new opportunities. Without sufficient investment, GDP will not grow. If GDP doesn’t grow faster than population growth, the country is in serious trouble, regardless of how efficient a tax collector you are.”
NIGERIAN TRIBUNE
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