By Our correspondent
In a move to alleviate the economic hardship faced by Nigerians, the House of Representatives has adopted a motion moved by Hon. Peter Anekwe, representing Anambra East and West Federal Constituency.
The motion, titled “Motion on the Need for Government Sensitivity to the Plight of the Masses and the Call to Refrain from Shifting Economic Burden through Unnecessary and Multiple Taxation,” aims to reduce excess taxes and strike a balance between revenue generation and citizens’ economic well-being.
According to Hon. Anekwe, “Taxation is necessary for government revenue, but we must advocate for balance between revenue generation and the economic well-being of the citizens.”
He urged the federal government to review current tax policies and eliminate unnecessary taxes on essential goods and services.
The House resolved to mandate the House Committee on Finance and the Federal Inland Revenue Service (FIRS) to conduct a thorough review of existing tax laws and policies within three weeks.
This review aims to streamline tax collection processes and eliminate redundant or overlapping taxes that contribute to the financial burden on citizens.
Additionally, the House urged the federal government to consider alternative revenue generation strategies, such as widening the tax net to capture more high-income earners, strengthening enforcement of existing tax laws, and plugging leakage in the system. Exploring measures to increase export of cash crops and agricultural products was also recommended.
Furthermore, the House called for the immediate suspension of any new tax initiatives that disproportionately affect the low-income population until a comprehensive review of their impact is conducted.
The Committee on Legislative Compliance has been mandated to oversee the implementation of these resolutions.
By adopting Anekwe’s motion, the House of Representatives has demonstrated its commitment to alleviating the economic burden on Nigerians.
