Financial experts have advised President Muhammadu Buhari’s regime against introducing more taxes because they will worsen Nigerians’ suffering.

In separate interviews, they warned that the introduction of more taxes will further worsen the economy amidst the negative impact of the COVID-19 pandemic.

A tax consultant, McAnthony Dike, said the federal government should enhance the formal tax collection systems in the country, rather than introducing more taxes.

“The government agencies responsible for formal tax collection must be very efficient so as to boost government revenue,” explained Mr Dike. “They should automate their operations so as to stop any form of leakage in the systems.”

He added, “The people have been paying all sorts of taxes which could be considered as invisible taxes. Invisible taxes are taxes paid for services that ought to have been rendered by the government, but which are not.”

Another expert, Moses Igbrude, said introducing more taxes would not be the best considering the present realities.

“The citizens have been contending with the tough economy triggered by the COVID-19 pandemic,” he stated. “The COVID-19 pandemic has led to serious tough times, and having to introduce more taxes will worsen the people’s economic woes.”

He urged the political class to cut down on the cost of governance to free funds for developmental purposes.

“These cost-saving measures when implemented will reduce waste and enhance the unity of purpose,” Mr Igbrude noted.

Mr Buhari’s regime recently introduced an excise duty of N10 per litre on all non-alcoholic, carbonated, and sweetened beverages.

The new tax was announced by finance minister Zainab Ahmed during the public presentation of the 2022 Appropriation Bill in Abuja.

(NAN)