The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has stressed the critical importance of tax payment, stating that governments at all levels require revenue to deliver essential social services to Nigerians.
Speaking at the Abuja Business and Investment Summit on Wednesday, Wike made it clear that the government must generate income to fulfill its responsibilities.
“That’s why the government says pay your tax; it’s very important,” Wike emphasized, adding that without sufficient revenue, the government cannot provide needed services.
Addressing failed partnerships with private sector investors, the former Rivers State governor also highlighted that the government expects a return on its investments, not just for investors to benefit.
“When people say the government is not to make money, who told you that? If the government is not to make money, how do we have money to provide services? The government needs money.”
He noted that while the government continues to foster an environment conducive to investment, there must be a balance where both parties benefit.
“We have to encourage you (investors) so that you get what you are supposed to get and the government gets what it is supposed to get. That way, everybody will go home smiling.”
Wike’s comments follow the Federal Government’s recent move to impose a 25% effective tax rate on Nigerians earning over N100 million monthly, as part of efforts to boost national revenue.