‘Only a Few Nigerians Can Now Pay Taxes’ -Says Osinbajo

Despite the International Monetary Fund (IMF) saying the Federal Government needs to improve tax collection efficiency to reduce its rising debt servicing cost to revenue ratio, the Vice President Yemi Osinbajo has said COVID-19 has impacted people’s ability to pay taxes.

The Vice President disclosed this in a message he sent to the 11th Synod of the Church of Nigeria (Anglican Communion), Abuja Diocese, at St James’ Church, Asokoro, Abuja on Sunday.

Mr. Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President made a copy available to Journalists on Sunday.

Osinbajo said the nation’s economy faces its toughest period in history.

He noted that “Everything around us has been shaken and is being shaken by the greatest global threat to mankind in a century.

“We are in the midst of the greatest economic slump in history; every region of the world is experiencing an unprecedented slowdown in growth.

“There was a day in April when oil, our precious oil, was selling for less than the cost of production. No one was even willing to buy.

“Suddenly, all we took for granted, from air travel to hugs and even handshakes, have become neither safe nor advisable.

“Our own economy faces its worst period in history. We are earning 40% less than we should because oil prices have fallen and few today can afford to pay taxes.”

The Vice President added that one of the key lessons from the ongoing pandemic is that even human ingenuity and planning could no longer assure people that would live to see the next day.