As debate over the 2019 Financial Bill continues from last year, with experts expressing divergent views on the seemingly complex nature of Nigeria’s revenue and tax systems, a crop of financial leaders has linked the country’s yet-unpromising oil market to the fundamental framework upon which the economy is built and managed.
One of these experts is Taiwo Oyedele, Partner, Fiscal Policy and West Africa Tax Leader at PwC, who, in his overview of the 2019 Financial Bill, highlighted a number of factors responsible for the current economic situation that seems not to favour Nigeria’s prosperity when readily measured against some fiscal index.
He lamented the fact that Nigeria currently operates a complex tax and revenue system, noting that a major challenge the country is faced financially emanates from year on year deficit budget and unsustainable debt burden.
“One of the critical challenges facing the tax system in Nigeria is the shockingly high level of non-compliance as a result of low tax morale,” Taiwo said.
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