The Chartered Institute of Taxation of Nigeria (CITN) has advised President Bola Tinubu to slow down on the implementation of drastic economic policies to avoid dislocating the nation’s economy.
The president of the institute, Samuel Agbeluyi, gave the advice while speaking to journalists at the 3rd Joint Council Retreat of CITN and the Association of National Accountants of Nigeria in Abuja.
Agbeluyi commended the government for starting on a good note with the fuel subsidy removal describing it as a wastage and a major step taken by President Tinubu.
“We also commend the President for setting up a committee to reform the tax system in the country. But we will like to advice the government to be a little slow and not drastic in some of its decisions, for instance, the impact of the removal of subsidy leading to the current price of petrol is enormous on the citizens,” he said.
“In order not to make the shock too drastic, we may need to slow down in the introduction of other policies. I give an example, the planned increase in electricity tariff, if we add that to what is on ground right now, it will cause some dislocation to the system that may be difficult to handle.”
He also stressed that the president started well and needs the support of everybody while applauding his initiatives.
“At this point, can we manage what we have introduced and slowly introduce other policies so that we won’t dislocate the system?” Agbeluyi queried.
Speaking on the need for palliatives, Agbeluyi called for adequate coordination but opposed the distribution of cash to people.