The Presidential Flagbearer of the Social Democratic Party (SDP), Prince Adewole Adebayo says his government will bring out policies that will curb crude oil theft and improve revenue in the country in one week.
He made this bold statement when answering questions on what he can do to address the revenue problem of the country.
Prince Adebayo said, “we are going to collect our legal taxes from the different companies but we will not increase taxes as a lot of businesses are not properly taxed particularly the ones in the mineral resources sector.
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“So many companies are operating illegally hence making it difficult to tax them and these companies are the ones guilty of the massive theft of gold, lithium and other resources in the country.”
In terms of subsidy removal, he said, “we will improve our self sufficiency in terms of supply by giving support to the different commercial and modular refineries that are being built at the moment to operate properly.
“Unfortunately, management of the subsidy has become welfare package for the people who are close to the presidency as most of the supplies that are being paid for by the Federal Government are fictional.”
He also said that pricing of petroleum products must be regulated so that Nigerians can afford the products once we become fully operational.
“We need to govern our resources and guard them jealously by making sure that our resources are properly taxed and improve our revenue generated.”
“We are receiving only seven percent of the taxes on the mineral resources. We can’t complain of exhausting our options in terms of revenue when we have not regulated taxes and solve supply of crude domestically” he said.
