Lack Of Accountability Preventing SMEs From Paying Taxes – Minister

• Minister Doris Uzoka-Anite highlighted the lack of accountability in tax usage and the need for government to improve the local business environment
• She emphasized the importance of financing and taxation for driving Nigeria’s economy, particularly for MSMEs, and consumer credit reform as a priority

Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, has stated that one of the major issues preventing Micro, Small, and Medium-Sized Enterprises (MSMEs) from paying taxes to the government is a lack of accountability in the use of taxes in Nigeria.

Speaking yesterday at the 18th Abuja International Trade Fair organized by the Abuja Chamber of Commerce and Industry (ACCI), Anite said another factor was ensuring that government use taxes received to improve the local business environment.

According to the minister, many small businesses and MSMEs struggle to pay taxes because they have narrow profit margins.

However, she said that financing and taxation could be critical in driving a new economy in Nigeria, particularly for MSMEs.

“MSMEs are critical components of our economy, contributing significantly to economic growth and development.” Consumer credit reform is a priority for me. “Imagine what access to low-cost credit could do for your company,” she said.

Consumer credit would give businesses like yours the funds to invest in new equipment, hire more employees, or develop new products and services.”

According to Nyesom Wike, Minister of the FCT, one of the key drivers of sustainable financing and taxation in the FCT is the territory’s diverse and growing economy.

EFCC Appoints Oyewale As Spokesperson

Oyewale was named as the EFCC Head of Media and Publicity in separate letters dated Thursday, September 28, which newsmen received. Wilson Uwujaren, the previous spokesperson, was transferred to serve as the interim Director of Public Affairs.

When contacted by Punch, Uwujaren confirmed the development, saying, “Yes, I’ve been appointed as the acting Director of Public Affairs for the EFCC.”

Oyewale, as a practicing journalist worked with various news outlets including The News, Tempo, PM News, and Tell Magazine.

He was awarded and honoured by the Nigerian Media Merit Awards as the Industry Reporter of the Year 2002 and 2003, the Business Reporter of the Year 2003 and 2005, the Aviation Reporter of the Year 2004 and 2005, and the Banking and Finance Reporter of the Year, 2005.