By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: No Tax Clearance, No Payments by Government – President Buhari
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

No Tax Clearance, No Payments by Government – President Buhari

Farouk Mohammed
By Farouk Mohammed
Published: May 13, 2016
Share
4 Min Read
SHARE

Buhari-Talking-Forumspotz-2-1-2-1-1-1-1-2-1-1-1-1-2-1-1-1-1

President Muhammadu Buhari on Thursday said his administration would not make any payments, no matter how small to individuals or companies which are unable to provide evidence of tax compliance from the Federal Inland Revenue Service (FIRS).

He said henceforth, there would be confirmation of tax compliance before any payment can be made to beneficiaries.

He said: “It is now virtually impossible to get any payment, no matter how small from the federal government without being fully tax compliant. Before any payment is made, we make reference to the FIRS to confirm the tax status of that company.”

- Advertisement -

“No tax, no payment. It’s very simple,” he added.

Buhari also said the federal government would overhaul tax laws and codes to reflect present economic realities as government tries to reduce its over reliance on oil revenue.

Noting that the country had been unable to grow even when oil prices averaged $115 per barrel owing to corruption, wastage, inefficient spending and revenue leakages, Buhari described the current tax to Gross Domestic Product (GDP), ratio of seven per cent as low-a situation which he said had further resulted to the present fiscal imbalance in the economy.

Nevertheless, he assured that going by the various interventions by government, the “Nigerian economy will surely recover.”

- Advertisement -

Speaking in Abuja at the opening of the 18th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), themed: “Fiscal Challenges and Opportunities of the Nigerian Economy,” he said the next few years would be a busy period for tax practitioners in the country.

Represented by the Minister of Finance, Mrs. Kemi Adeosun, he noted that a robust tax system was a prerequisite for economic growth and development.

He said tax collection must be seen to grow in relation to growth in the economy, but he regretted that this had not been the case in Nigeria.

He said tax revenue currently contributed so little to government revenue, adding that government had set an aggressive target to increase non-oil revenue, adding that the current level of compliance remained “very low.”

He maintained that in some cases where there’s compliance, the effective tax rate paying had been lower than expected.

Nevertheless, he said the federal government, as part of plans to reposition the tax system to boost non-oil revenue, will engage with relevant members of the National Assembly to ensure amendments to tax laws can be passed expeditiously to keep pace with the rapid change in business practices.

He said an overhaul of tax laws was long overdue in order to reflect current business practices and new trends.

The president said: “We must respond to the growing phenomenon of blame shifting and other practices that allow companies to evade their fiscal and legal responsibilities.”

He added that government would critically examine the GDP to align taxes with economic activities in a bid to block all leakages.

Specifically, he said the multi-billion naira loses being identified in our solid mineral sector by illegal and undocumented miners would need to the corrected.

Meanwhile, President of the institute, Dr. Olateju Abiola Somorin earlier stressed the need to effect tax reforms and review the Nigerian tax laws.

She said the amendments have become critical and overdue if the country must substantially boost revenue from taxation.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:buhariTax
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article FG Orders Audit of Military Payroll
Next Article WHO Lists Onitsha As World’s Most Polluted City

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?