In 2024, during the Rivers State Economic and Investment Summit, former Governor of the Central Bank of Nigeria, Sanusi, called for the establishment of a fair taxation system. In a powerful speech delivered at the Obi Wali International Conference Center in Port Harcourt, he stressed the importance of a sensible and non-abusive approach to taxation.
Sanusi criticized the government’s tax policy, highlighting recent measures taken to increase domestic revenue, including the proposed 0.5% tax on cybersecurity-related banking transactions. The move sparked a wave of criticism, leading the president to temporarily suspend the tax after strong public opposition.
During his speech, the renowned economist stressed that taxation must be fair and equitable, while broadening the tax base. He recalled a quote from former British Prime Minister Margaret Thatcher, saying that “no country has ever achieved prosperity based on taxation alone.”
Sanusi argued for a more thoughtful approach to taxation, warning against exploitation of taxpayers. According to him, a fair tax system is essential to ensure economic development and long-term prosperity. He stressed that prudent tax management can promote sustainable growth and job creation, unlike excessive taxation which harms the economy.
In conclusion, Sanusi called for the establishment of a transparent and fair taxation system, which encourages investment, stimulates economic growth and guarantees the well-being of citizens. Its recommendations raise crucial questions on tax policy and economic governance, inviting decision-makers to favor a balanced and thoughtful approach to ensure harmonious and sustainable development.