FG Urged To Sustain Current Subsidy Removal, Shun Reliance On Fuel Products

By Gambo Abubakar Kaduna

  The Institute of Chartered Accountant of Nigeria (ICAN) Kaduna state Chapter, has advised the federal government to sustain the removal of fuel  subsidies currently going in the country.

The advice was contained in a communiqué signed and made  available to newsmen by the ICAN District chairman of Kaduna state, Abdulrazak A Yusuf, at the end of the technical session organised by the union in Kaduna.

According to the communiqué the union also urged the government to reduced heavy reliance on oil revenue. the session therefore recommended that, the government should address demand and supply of exchange rate.

  "Rather than focusing on supply which was exemplified by the recent borrowing of dollars to offset backlog of outstanding forex commitments."

  The communiqué however recommended that, The currency swap agreement with China should be scaled up by increasing our reserves of e Yuan, Similar arrangements could be explored with United Arab Emirates.

  The communiqué also advised the government to engage in aggressive agricultural activities to reduce forex spending on imported food which recently increasing.

  "The Initiation of Procurement Bill (A "Buy-Nigeria" Bill) that will reduce importation of goods and Leaders should lead by example.

services that can be locally sourced."

 The government  further advised to  sustain the activities fixing the Refineries by making it a reality, and  the FX unification policy is good despite the downside of the policy, such as inflation, and naira devaluation among other factor.

 The government have recommended also to address  Intrastructure bottlenecks, Security concerns, Widespread tax evasion,

Lack of trust and confidence in the tax system.

  The union further recommended that, the following should be considered; Strengthen the tax administrative system, Diversify the economy, Collaboration with international bodies and other Tax Jurisdiction, All Nigerians should have, Improved Taxpayer education and awareness, Improved simplification of the tax structure.

  "Strict adherence and implementation of the sanctions within the tax laws, and the communique however, supports the current ongoing government fiscal reforms and encourages that it should be sustained."