Rivers State Governor, Siminalayi Fubara, has assured that his administration will not overburden residents and businesses with excessive taxes and levies.
Speaking at the 156th Joint Tax Board Meeting in Port Harcourt on Wednesday, themed “Opportunities and Strategies for Improved Taxation of High Net-Worth Individuals in Nigeria,” Fubara emphasised the need to maximise tax collection across sectors to bolster state capacity for public services and development.
He noted that efficient tax systems would help mitigate the impact of Nigeria’s struggling economy and high inflation on state governments.
Highlighting his administration’s success in effective revenue collection and utilisation, the governor commended the Joint Tax Board for promoting tax harmonisation and advancing best practices among tax authorities.
He said: “Tax is a tool for the government to deploy to advance several positive objectives.
“First, it enables the government to collect public revenue to provide public services and ensure the continuous functioning of the public sector.
“Second, it can also be used to make society more equitable by redistributing resources to benefit the most vulnerable members.
“Consequently, the tax system is a matter of great interest to all Nigerians because, without adequate revenues, it will be difficult for the government to meet its obligations to provide public services and advance the collective security and prosperity of citizens.”
He added: “In Rivers State, our approach is not to impose more taxes on our people but to broaden our tax base without increasing the rates, which has enabled us to generate more internal revenues, as evident in the increasing collection figures on a month-by-month basis.
“Apart from keeping us above water, we are responsibly using the much-improved tax collections to fund critical infrastructure, including roads, schools, security, and healthcare across the state.”
Fubara urged the board to focus on repealing outdated policies, fostering cooperation among revenue agencies, and improving the taxation of high-net-worth individuals.
He also called for measures to encourage the wealthy to pay fair taxes voluntarily while investing in productive economic activities.
Fubara said: “The purpose of a tax system is not to stifle society but rather to enable it to develop and prosper by putting those who create wealth in the best conditions where they can be encouraged to continue to produce and create more wealth.
“Furthermore, a responsible tax system must impose nothing more than a fair amount that serves the public interest and is attractive to businesses and investors.”
According to him: “This is the way to build a stronger, broader tax revenue-based economy for our country; one that encourages the production of more wealth, shared economic growth, opportunities, and prosperity for everyone.”
In his welcome address, the chairman of the Rivers State Internal Revenue Service, Dr Chibeoso Aholu, said the state is delighted to host, for the first time, the Joint Tax Board meeting.
Aholu commended the governor for his support towards its success while expressing the hope that the meeting will streamline policy suggestions and strategies to help governments at all levels improve their revenues.
