In order to put an end to the economic downturn facing the country presently, there is need for Osun state government to map out strategy which could be used to make informal workers pay taxes and other levies.
This was the view of Prince ‘Wole Adesanya, Commissioner for Informal Sector, Osun Internal Revenue Board, while delivering a public lecture on the topic: “The Impact of Informal Sector Taxes and Levies on the Development of State of Osun Economy” held at Teachers House, Estate in Osogbo the state capital.
Prince Adesanya, during the lecture organised by the Chartered Institute of Taxation of Nigeria (Osogbo and District Society), noted that revenues that accrue to the state government can be derived from two broad sources, namely external and internal sources.
He said the increasing cost of running, coupled with dwindling revenue has left various state governments with formation of strategies to improve their revenue base.
While emphasising on the need for the state and local governments to generate revenue from internal sources, the Commissioner said serious decline in the price of oil in recent years has led to the decrease in the funds available to government.
He noted that for the state to cope and meet its financial obligations there is need for it to map out strategies in which all the informal workers would be made to pay taxes and other levies.
According to him, workers in the informal sector in Nigeria are in vast majority of the entire population hence, the need for the government to look into how such large number of people would be made to perform their civic roles by paying all necessary dues.
He, therefore, charged informal workers to see payment of taxes and other levies as civic responsibilities, saying tax was the only alternative upon which the state can be transformed and made habitable for the people.
Adesanya however urged the state government to also redouble its efforts and increase awareness, monitoring and enforcement, saying informal sector has potential capacity to contribute substantially to the revenue base of the state.
Earlier in his address, the Chairman of the Chartered Institute of Taxation of Nigeria (CITN), Osogbo and District Society, Pastor. Kayode Adekunle said the lecture was timely, considering the current Nigeria’s economic quagmire which calls for immediate solution.
Describing the role of informal sector in the development of the state, Adekunle noted that the sectors are highly dynamic and contribute substantially to the general growth of the economy and personal or household income.
He said the institute organised the programme to mark his one year in office, saying the Institute had earlier visited Jaleyemi Hospital where the management of the hospital was educated on the need to cooperate with government of the state by paying relevant taxes and levies.
He also assured the government of the CITN support in bringing awareness to the door steps of every citizen of the state on the need to perform their civic responsibility especially in the area of payment of relevant taxes and levies.