HIS EXCELLENCY SIR SIMINALAYI FUBARA'S REMARKS AT THE 156TH MEETING OF THE JOINT TAX BOARD MEETING IN PORT HARCOURT ON WEDNESDAY 11 DECEMBER 2024.

Protocols It is my pleasure to welcome you to Port Harcourt, Rivers State for the 156th meeting of the Joint Tax Board of Nigeria. 2. When I was told about this meeting, I not only approved the application to host it but also accepted your invitation to declare the meeting open because I believe that you are a very important institution, and the issues you tackle are critical for the socio-economic development of our country. 3. As an institution, the Joint Tax Board has been at the forefront of effective tax administration in Nigeria and your input and efforts at promoting tax harmonization, repeal of obsolete policies, the promotion of cooperation among tax authorities across the country, and provision of training, peer interest to all Nigerians because, without adequate revenues, interest to all Nigerians because it is a matter of great it will be difficult for the government to meet its obligations to provide public services and advance the collective security and prosperity of citizens. 9. With a struggling national economy buffeted by high inflation, State Governments are seriously overwhelmed by the lack of adequate resources to deliver their development commitments to the citizens. 10. The solution lies in maximizing the collection of tax revenues by the government at all levels if we must continue to function and provide public services. 11. In Rivers State our approach position is not to impose more taxes on our people but to broaden our tax base without increasing the rates, which has enabled us to generate more internal revenues as evident in the increasing collection figures on a month-by-month basis. 12. Apart from keeping us above water, we are responsibly using the much-improved tax collections to fund critical infrastructure including roads, schools, security, and healthcare across the State. 13. The Trans-Kalabari road, the Elele-Egbeda-Omuku dual carriageway, the Zonal Hospitals at Degema, Bori, Ahoada, and Omoku, the new Rumuigbo General Hospital, and the new Psychiatric Hospital also at Rumuigbo, are some of the numerous projects that are fully funded with internally generated tax funds. 14. The purpose of a tax system is not to stifle society but rather to enable it to develop and prosper by putting those who create wealth in the best conditions where they can be encouraged to continue to produce and create more wealth. 15. Furthermore, a responsible tax system must impose nothing more than a fair amount that serves the public interest and is attractive to businesses and investors. 16. Consequently, as you meet today with a focus on exploring opportunities and strategies for improving the taxation of high net-worth individuals in Nigeria, I urge you to come up with policy measures that will encourage the super-rich to pay fair taxes voluntarily while channelling their excess resources into productive economic building investments. 17. This is the way to build a stronger broader tax revenue-based economy for our country - one that encourages the production of more wealth, shared economic growth, opportunities, and prosperity for everyone. 18. Finally, I hope your meeting today will yield fruitful results and recommendations that will be beneficial to the States and the nation in our quest for a more progressive, efficient and equitable tax system. 19. On this note, I hereby declare the 156 Joint Tax Board meeting open. 20. Thank you for your attention and I wish you a fruitul deliberation.