The member representing South East on the Governing Board of the North East Development Commission (NEDC), has commended President Bola Tinubu for signing into law the new tax reform, aimed at ending the burden of multiple taxation in Nigeria.
Speaking in an interview in Umuahia, Onuigbo said the new tax law calls for the transparent and responsible use of tax revenues, internally generated revenues and allocations from the Federal government, urging state governments to key into the new reform, so as to end anomalies in the tax system.
Onuigbo who referenced the just concluded 62nd Inaugural Lecture of the Michael Okpara University of Agriculture Umudike (MOUAU), entitled, “Entropy of Injustice: A derivative of Thermodynamics in Tax Administration”, described the lecture as timely, as it coincided with the recent Tax Law of President Tinubu, which he said has the potentials to harmonize revenues for the benefit of the public.
He stressed that the new law, which takes effect from next year, would provide clarity, fairness, and transparency in the nation’s tax regime.
According to him, the reform would also allow those collecting taxes make sensible projections of what individuals and businesses would pay as their tax obligations without being harassed by arbitrary levies from left, right, centre.
Sir Sam Onuigbo
“We want to end multiple taxation. The recent tax reform would end multiple taxations.
“When you ensure that tax revenues are judiciously put to use, more citizens will be willing to comply and pay taxes,” Onuigbo said.
The NEDC representative further emphasized that Nigeria has entered a new phase where revenues from taxes, federal allocations, and internally Generated Revenue (IGR), must be deployed transparently and responsibly for the public good and urged State governments to embrace accountability and shun self-aggrandizement.
“This is what leadership is about, using resources for the welfare of the people, not for personal gain. President Tinubu’s advocacy is clear, taxes must serve the people”, he added.
Onuigbo also noted that the lecture where the new tax law was discussed was well attended, underscoring its importance in shaping Nigeria’s economic direction. He further expressed gratitude to the Federal government for the restoration of Management Courses at the Michael Okpara University of Agriculture Umudike (MOUAU), describing it as a milestone achievement.
He stressed that the reintroduction of these management courses have made the lecturers under the faculty more productive, stating that their lecture series have been instrumental in addressing national issues.
