SUBSIDY REMOVAL: SLOW DOWN ON HARSH POLICIES CITN CAUTIONS TINUBU. (PHOTO).

Subsidy removal: Slow down on harsh policies, CITN cautions Tinubu

As the removal of petroleum subsidy and the increase in electricity tariffs bite harder on Nigerians, Chartered Institute of Taxation of Nigeria (CITN) has advised the Federal Government to slow down on the introduction of policies.

Speaking on the sideline of the third Association of National Accountants of Nigeria (ANAN) and CITN retreat in Abuja, the president of CITN, Samuel Agbeluyi, reasoned that the impacts of the removal of subsidy and the current petroleum prices are enormous on the citizens.

“If we add the sudden increase in electricity tariffs to what is on ground now it will cause some kind of dislocation to the system that may be difficult to handle,” he said. Agbeluyi, however, praised the president for his daunting policies while applauding the initiatives of the president.

“He started very well and he needs the support of everybody and we have applauded the initiatives of government. But at this point, can we manage what we have introduced and slowly introduce other policies so that we will not dislocate the system?” he asked.

While criticizing the N8, 000 palliative to the poor Nigerians, CITN argued that to ensure a sound cashless economy, the money should pass through the banking system for accountability.

Speaking on the multiple tax system in Nigeria, the president noted that some states pay as high as 58 different taxes, noting that this has brought confusion into the tax system.