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Govt should explore opportunities in taxation, says Chike-Obi

There are hidden economic opportunities in taxation which government should explore by brining more people into the tax net, the Executive Vice Chairman, Alpha African Advisory, Mustafa Chike-Obi has said.Speaking yesterday at the Financial Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum, with theme: Repositioning Nigerian Economy for Sustainable Growth , he said Nigeria’s tax rate at 30 per cent is one of the highest in the world, adding that multiple taxation should be discouraged.Chike-Obi, who was former Managing Director/CEO Asset Management Corporation of Nigeria (AMCON), also  spoke on intervention funds, and why adequate infrastructure is needed to stimulate the economy instead of relying solely on intervention funds.He also spoke on the need to lend at lower interest rate at around 12 to 15 per cent per annum and considerations by foreign creditors in lending to emerging markets.“All these intervention funds, don’t work. And let me tell you why they don’t work. If you  lend to a farmer at five per cent, you think you are helping him but everything around him is at 26 per cent. So, he gets a little bit of relief on his financing, but he doesn’t get reliefs on his supplies, diesel, food, employees, so at the end of the day, those things he gets at 26 per cent invades his five per cent,” he said.Chike-Obi said intervention funds also don’t work because “the default rates are as high as default rates of non-interv ...Read more

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