Some experts have identified a lack of infrastructure and enabling environment; transparency and accountability; and effective utilisation of public funds, as the major challenge that will beset the expected gains of the Finance Bill signed into law by President Muhammadu Buhari. There are indications that members of the nation’s economic team have already assembled in Abuja to fine-tune modalities for the takeoff of the new law that is mostly centred on raising revenue for the government.
When The Guardian called some members of the economic team yesterday, they affirmed that they were in a meeting in Abuja.A council member of the Chartered Institute of Taxation of Nigeria, Dr. Titilayo Fowokan, said the signing into law of the finance plan marked another beginning of following a defined pattern to raise revenue by government, adding that even in the military era, such was also used.She, however, was not optimistic about a full realisation of expectations from the enforcement of the new law, citing current economic situations, challenges facing businesses, and government’s unending cases of poor accountability and huge cost of governance.
“Government has a lot to do for businesses to thrive, as a basis for raising enough tax targeted by the new law. Infrastructure is critical, as the country’s facilities are poor. The signing of the law should be supported by improved infrastructure stock and enabling business environment, as the law alone is not enough.