The president of the African Development Bank, Akinwunmi Adesina, has said despite the fact that Nigerians provide electricity and security for themselves, they pay one of the highest implicit tax rates in the world.
Adesina who made this known in a statement yesterday, called on the Nigerian government to improve governance and reform the tax system in the country.
“Think of it: they provide electricity for themselves via generators; they repair roads to their neighborhoods, if they can afford to; there are no social security systems; they provide security for their own safety; and they provide boreholes for drinking water with their own monies. That in incredulous in itself,” he said.
“Truth be told, Nigerians pay one of the highest implicit tax rates in the world — way higher than developed countries,” he added.
He also called on the Government to focus a lot on corporate taxes, and ensure full compliance, stating that it is important to ensure such taxes do not discourage investments.
