70% of the economy funded by tax money – CITN

Since the decline in fuel price, monies generated from tax has been used to fund 70 per cent of the economy, Chairman, Chartered Institute of Taxation of Nigeria (CITN), Abuja Chapter,  Mr Ogbeide Benjamin has said.

Speaking yesterday in Abuja during an enlightenment walk by the institute to mark it’s week, he sensitized and  encouraged Nigerians to pay their taxes so that the government could get sufficient funds to boost the economy and provide the basic amenities.

He said tax evasion was a serious offence hence anyone who boycotts tax payment should be prosecuted.

Benjamin charged Nigerians to fulfil their obligations by paying their tax “then let them hold the government accountable to use the tax which they have paid to boost the economy of the country and provide amenities.”

He said the institute was in partnership with the Federal Inland Revenue Service (FIRS) to sensitize people on the need to pay tax and generate money for the government to improve the economy of the country.