The President, African Development Bank (AfDB), Dr. Akinwunmi Adesina has cautioned the Federal Government to pull the brake on tax increment.
He said the fact that Nigeria taxes are relatively lower cannot be justification for incessant tax raise.
According to him, it will be double jeopardy to over tax citizens who provide basic amenities the government has failed to offer.
The AfDB boss gave the advice yesterday in Abuja while delivering a lecture at the annual conference of the Institute of Chartered Accountants of Nigeria (ICAN).
Dr. Adesina said: “Low tax to Gross Domestic Product (GDP) rate in the country is not an excuse for the Federal Government to keep increasing taxes.
“While other countries with high tax rates have functional free education and free health care system among others, such cannot be said for Nigeria.”
“In Nigeria, the inefficient system has imposed an implicit tax on the Nigerians as the people are made to provide basic essential facilities that should have been made available by government.
