The Chartered Institute of Taxation of Nigeria on Thursday cautioned the Federal Government on its over-dependence on crude oil.
The President of the institute, Prince Razaq Quadri, also urged governments at all levels to invest heavily in the non-oil sector of the economy.
Quadri advised government that the “slight increase in the price of crude oil as noted over the past few months calls for caution’’, adding that Nigeria’s overdependence on oil posed a risk to the economy.
Quadri, who spoke in Ilorin, the Kwara State capital at the inauguration of the Ilorin and District Society of the CITN, urged the government not to lose track of its determination to invest in the generation of revenue from the non-oil sector.
He added, “Our major customers have intensified research into alternative sources for oil and are making breakthroughs. The implication of this will be devastating on Nigeria’s economy and it is better imagined than witnessed.”
He also advised his colleagues to rise up to their professional calling since the government had started paying attention to taxation.
According to him, “Governments at various levels have embraced taxation as a major income earner as a result of the economic meltdown and dwindling price of crude oil.
“The onus of achieving this objective to accelerate economic recovery depends on the tax professional. The success or failure of this laudable objective, therefore, hinges more on professionals than technocrats or politicians.
Source:http://www.punchng.com/Articl.aspx?theartic=Art20101029102654
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