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Senator Teslim Folarin Advocates for Public Support of Nigeria’s Tax Reforms
Senator Teslim Folarin, the Oyo State Ambassador, has urged Nigerians to stay composed, well-informed, and cooperative regarding the recent tax reform initiatives. He emphasized that these reforms are essential strategies designed to enhance Nigeria’s fiscal capacity and promote long-term economic growth.
Clarifying the Purpose Behind the Tax Reforms
During his ongoing 14-Federal Constituency Tour, which includes visits to the Irepo/Olorunsogo/Orelope and Atisbo/Saki West/Saki East Federal Constituencies, Senator Folarin addressed concerns about the new tax legislation. He reassured citizens that these policies are not intended to create additional financial burdens for everyday Nigerians but rather to build a more robust revenue framework for the country.
Strengthening Nigeria’s Revenue Base for Sustainable Development
With Nigeria’s economy facing increasing demands for infrastructure and social services, the government’s tax reforms aim to broaden the tax base and improve collection efficiency. According to the latest data from the Nigerian Bureau of Statistics, tax revenue as a percentage of GDP remains below the African average, highlighting the need for such reforms. Senator Folarin highlighted that these measures will help bridge fiscal gaps and support critical national projects.
Encouraging Civic Engagement and Awareness
Senator Folarin called on citizens to actively engage with the government’s efforts by staying informed about the changes and providing constructive feedback. He compared the tax reforms to a necessary upgrade in a household’s budgeting system-while initially challenging, it ultimately leads to better financial health and stability.
Looking Ahead: The Role of Tax Reforms in Nigeria’s Future
As Nigeria continues to diversify its economy and reduce dependency on oil revenues, effective tax policies will be crucial. The senator stressed that public cooperation is vital to ensure these reforms translate into tangible benefits, such as improved public services, job creation, and enhanced quality of life for all Nigerians.
