Public Analyst Dr. Moshood Atanda has described the Appropriation Bill presented for the 2024 fiscal year by President Bola Ahmed Tinubu as a positive departure from the past.
Dr. Atanda, however, commended the government for addressing the often overlooked gap between capital and recurrent expenditures before stressing the need for additional measures to transform Nigeria from a consuming nation to a producing one.
Dr. Atanda, speaking to Royal Times on Friday, emphasized the importance of checking leakages, particularly corruption and executive high-handedness. He expressed concerns about the potential negative impact of an increased tax net on the citizens and urged the government to carefully manage the balance between revenue generation and the burden on the Nigerian people.
“There are a lot of leakages if not checked; no matter how good the budget is, at the end of it all, it will amount to nothing,” warned Dr. Atanda, drawing attention to the need for a thorough examination of fiscal policies.
Addressing the issue of double taxation, Dr. Atanda cautioned against placing excessive demands on citizens and called for a comprehensive review to ensure a fair and efficient tax system. He voiced his hopes that the government’s commitment to addressing double taxation would result in better utilization of funds.
“I just pray that the increase in the tax net will not be a burden to Nigerians again in the way of them saying they want to realize more money. Well, they said they are going to address the area of double taxation so that all the money acquired will be properly utilized,” he remarked.
Dr. Atanda urged the government to avoid undertaking repeated projects, describing them as wasteful. His insights provide a comprehensive perspective on the challenges and potential solutions associated with the 2024 budget, prompting further discussions on effective fiscal management in Nigeria.
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