RAISING GOVT REVENUE: BEYOND STAMP DUTY ON BANK TRANSACTIONS (I)

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It is no longer a news that Nigerians will now have to pay compulsory #50 on all bank transactions engage in  by them especially as regarding money received by them. This is in light of the government thrive to raise fund for development purpose. On one hand, it is a right step in the right place as this will go a long way in boosting the revenue of government which is seriously needed following the depletion and plundered of the revenue by the likes of Dasuki and co.

However, coming at a time when Nigerians are already facing herculean task in meeting their daily needs appears like adding salt to injuries of an average Nigerian. As bad as this may seem, as patriotic citizen; it may be the way to go out of the present economic doldrums we have found ourselves as a nation and people. Least i forget, the Act establishing this levy has been in existence since 2004, only that the previous government have not found the political will to implement it or due to the fact that enough money was coming from the oil.


Arguably, canvassing for the support of this policy may also step out of the fact that the present government meant well and that whatever money realized from this medium will be judiciously utilized for developmental purposes. 

However the retrogressive nature of the policy and the Act leaved much to be desired. For instance, how can a school student who receive #1000 from a friend or relative asked to pay #50 as stamp duty with a businessman who receive #1,000,000 from his business transactions? You will agree with me, the burden is of unequal proportion. In this case, we say the INCIDENCE of the tax on the poor student is extremely high compare to the business man. 

Don't be dismayed, this is the nature of our society - the law is made to benefit the rich powerful elites while the poor is left to grope in pain. In a sane society, such levy would have been used as an avenue to re-distribute the income of the society. Thus such stamp duty would have been 'ad valorem' rather than 'specific'. That is progressive rather than retrogressive! Unfortunately, nobody is seen this injustice as the 'poor' who should cry out have been silenced by poverty and ignorance.

Now to the crux of this piece; RAISING GOVT REVENUE: BEYOND STAMP DUTY ON BANK TRANSACTION is the need for the diversification of the economy of which so much has been said about it. I mean the need for diversification of the Nigerian economy has moved from being a national dialogue to national anthem only that no much or nothing has been done in this regard. 

So many people have opined that agriculture is one of the surest way to diversify the economy since it used to be the mainstay of the Nigerian economy in the 1960's before the discovery of oil. This however, we say might not be as easy as it portends. This is because very few people especially the youths are willing to go into agriculture as the necessary policy frameworks and infrastructures are not in place. 

Yet, we believe there is a way out....to be continued! 


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