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This is time for Multinationals to pay their taxes in Nigeria—Minister

Experiences of G-24 Finance Ministers and Central Bank Governors meeting on the sideline of the ongoing IMF/World Bank meeting have shown that several multinationals always find a way to evade taxes. The discovery has therefore forced finance ministers to start thinking outside the box on ways of compelling the blue chip firms to pay their tax.

Minister of Finance, Mrs Kemi Adeosun, at the meeting urged G-24 countries to back Nigeria’s agitation for multinational corporations to pay fair share of taxes in the country.

The minister, Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele and Deputy Governor, Economic Policy of the CBN, Mrs. Sarah Alade, attended the meeting on behalf of Nigeria.

According to Adeosun, it has been observed that Nigeria lost huge amount of money yearly from tax evasion, mostly by multinational corporations who were infamous around the world for tax evasion.

Before now, 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.

She said “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,” stressing that “This is what we believe will create jobs and reduce poverty.

Explaining more on the outcome of the meeting, she added that “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.

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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