On Wednesday, December 11, 2024, Rivers State Governor, Siminalayi Fubara, assured residents and businesses in the state that his administration would avoid overburdening them with excessive taxes and levies. He made this promise during the 156th Joint Tax Board Meeting in Port Harcourt, which focused on “Opportunities and Strategies for Improved Taxation of High Net-Worth Individuals in Nigeria.”
Fubara emphasized the importance of an efficient tax system to boost state revenue and improve public services, especially amid Nigeria’s economic struggles and high inflation. He highlighted that a well-structured tax system could help reduce the strain on state governments and support development projects.
The governor praised the Joint Tax Board for promoting tax harmonization and best practices among tax authorities. He explained that his administration’s approach to tax collection in Rivers State aims to broaden the tax base without raising rates. This strategy has led to increasing revenue collections, which are being used responsibly to fund key infrastructure, such as roads, schools, healthcare, and security.
Fubara urged the Joint Tax Board to work on updating outdated policies and improving the taxation of high-net-worth individuals, encouraging them to pay fair taxes while investing in productive economic activities. He stressed that a fair tax system is essential for creating an environment where wealth creators can thrive, leading to more jobs, economic growth, and prosperity.
“The purpose of a tax system is not to stifle society but to enable it to develop and prosper,” Fubara stated. “A responsible tax system must impose nothing more than a fair amount that serves the public interest and is attractive to businesses and investors.”
In his welcome address, the chairman of the Rivers State Internal Revenue Service, Dr. Chibeoso Aholu, expressed pride in hosting the Joint Tax Board meeting for the first time. He commended the governor for his support in making the event a success and hoped the meeting would lead to new policies and strategies to improve revenue generation at all government levels.
