Adeosun insists multinationals must pay fair taxes
The Minister of Finance, Mrs. Kemi Adeosun has challenged the G-24 countries to back Nigeria’s agitation for multinational corporations to pay fair share of taxes in the country.
Adeosun made the call on Friday, while briefing journalists in Washington D.C on the outcome of a closed-door meeting of G-24 Finance Ministers and Central Bank Governors meeting on the sidelines of the ongoing IMF/World Bank meeting.
The Minister, Central Bank of Nigeria Governor, Mr. Godwin Emefiele, and Deputy Governor, Economic Policy of the CBN, Mrs. Sarah Alade, attended the meeting.
She said that Nigeria lost huge amount of money yearly due to tax evasion, mostly by multinational corporations who were infamous around the world for avoiding taxes.
Adeosun added that Nigeria had been clamouring for the companies to pay right and fair taxes, because it was determined to block revenue leakages and streamline it to develop infrastructure and create jobs.
“We were able to make two contributions; one of it was the need for accelerated investment in infrastructure as the way out of our current situation. This is what we believe will create jobs and reduce poverty.
“Another issue that we raised was tax evasion and the fact that we need the multilateral agencies to support us.
“Yes, trade is very important, but we need the multilaterals to ensure that all multinational companies that trade in Nigeria pay their fair share of taxes and that point was well taken,” she said.
Adeosun said that so far, Nigeria has been able to get commitment from multilateral agencies to invest in housing and energy in the country.
She was confident that before the end of the IMF/World Bank meetings, she would get some of the pledges and agreements tied to specific projects in the country.
The Minister reiterated that Nigeria did not need loans from the IMF, adding that rather, it was pursuing budget support facilities from the World Bank and the African Development Bank.
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