Bowen: Economic experts endorse tax reform bill, 2025 national budget

..express worry over misappropriation tendency

By Kehinde Adio. 

Economic and finance experts in academia  from the College of Management and Social  Sciences, Bowen University, Iwo, Osun State, have endorsed the national tax reform bill proposed by the Presidential Committee on Tax Reform, chaired by Mr. Taiwo Oyedele (FCTI), as well as the 2025 National Budget.

The resolution was made known at a roundtable committee on national issues established by the college to discuss the current national tax reform bill option and Nigeria’s 2025 national budget, held at the university recently. 

The college provost, Professor Olayinka  Adenikinju, stated that the roundtable committee was established in the college to create an avenue for discussion on emerging    national issues and policies of the federal government.

According to her, the roundtable provides an opportunity to analyse implications and benefits of the government’s policies to the society, adding that this also benefits Bowen students and the entire university community.

She noted that the college does invite experts from outside the university for robust deliberations on the issue at stake and forward our resolutions or communique to the appropriate quarters at the state and the federal levels, as its contributions to national development in Nigeria. 

Speaking further, the provost said the 2025 roundtable discussion focused on the new tax reform bill and 2025 national budget in order to study and analyse to identify their ‘pros and cons’ and make recommendations.

Professor Adenikinju disclosed that the Chairman of the Presidential Committee on Tax Reform, Oyedele, also attended the college roundtable committee virtually, where he (Oyedele) intimated the audience with detailed information about the tax reform bill.

Continuing, the provost said the committee members unanimously accepted Mr Oyedele’s presentation of the tax reform content, saying that the masses will be at an advantage if implemented religiously.

She said, “It is inevitable for the government to generate revenue within the country rather than borrowing from the outside world , considering its disadvantages. Borrowing jeopardizes the future of a country at the expense of  its present time.

“Moreover,  taxation is unavoidable in any society, but the problem is how to ensure that revenue generated through taxation reform will be utilised to develop the society and encourage the taxpayers. The government must take note of this challenge. Corruption must be minimised in Nigeria. We are committed to a better Nigeria, and we must work together to accomplish it.”

Speaking in the same vein, Bowen University’s Head of Accounting and Finance Programme, Professor Ezekiel Oyerogba, confirmed that the 2025 national fiscal reform, as well as the national budget, is a welcome development.

According to him, there will be a need for public sensitisation for people’s active participation in the implementation process of the two bills for their effective impact on the economy.

Professor Oyerogba noted that the current fiscal national reform is targeted towards corporate organisations, individuals in the society, and the states in the country, emphasising that the policy will benefit all and sundry if properly executed.

He stressed further that efforts must be made to guard against circumvention in the implementation process. He noted that the government should be sincere with the new policy agenda and not fail to release the proposed funds to the appropriate quarters promptly.

While speaking, the university’s Head of  Economics programme, Professor Adedoyin Lawal, admitted that the introduction of the new fiscal policy and the budget bill for the year 2025 are appropriate measures to move the Nigerian economy forward.

He commended the efforts of the Oyedele-led presidential committee, expressing satisfaction with the amount of funds the federal government intends to inject into the economy.

However, he said, though the government’s fiscal policy agenda has raised people’s hope, “we must not be complacent, as it is still on paper.”

According to him, “It is one thing to have a robust budget proposal; it is another thing to release the funds promptly, monitor it effectively to ensure compliance.”

“I will advise the government to follow the policy through and to achieve at least 70 per cent performance. Effective monitoring is required to ensure that the linkages are minimised. There is a need for human capital development, to invest more in healthcare, education, and social amenities. Putting money into infrastructure, housing, and security will go a long way to make Nigeria conducive for living.

“The budget proposal is in order, though on paper, the challenge is implementation. Therefore, political will and the zeal to carry out the proposed budget is consequential. 

“Leadership in management and administration can never be overruled in a progressive economy,” he said.

The vice chancellor of Bowen University, Professor Jonathan Babalola, in his comment on the issue, stated that a radical overhaul of the tax system in Nigeria is highly desirable. He noted that only civil servants and very few others in the society pay tax in Nigeria, while some set of people, the politicians, and some individuals circumvent it.

According to him, everybody is liable to pay tax, as well as liable to enjoy the dividends of taxation.

“If the government will do the needful to utilise the tax money for which it was collected, the masses will be ready to pay more,” he said.

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