| Nigerians not benefiting
from foreign debt cancellation, says CITN
By LOUIS IBA
Friday,
February 26, 2007
The Chartered Institute of Taxation of Nigeria (CITN) has
deplored the high level of poverty in Nigeria accusing the government of not doing
enough to reduce poverty to the barest minimum in spite of the huge income made
from the sales of crude oil and the debt relief granted from creditor organisations.
President/Chairman
of Council of the CITN, Mr. Foluso Fasoto stated this recently at an economic
forum organised by the Manufacturers Association of Nigeria (MAN).
He criticized
the government for reneging in its promise to make Nigerians feel the impact of
the debt relief, particularly in 2006.
He also accused the government –
at all tiers – of theft of public funds while ordinary citizens languish
in abject poverty.
"The gains expected from the foreign debt cancellation
did not impact on the economy as promised by the government just as Nigeria’s
crude oil at a time sold for as high as $76 per barrel but yet citizens read of
it only on the pages of newspapers," he said. "While Nigerians had nothing
to show for the good economic dividend that accrued to the nation from the earned
income, evidence of massive looting of government treasury by public functionaries
at all tiers of government abound throughout the year," he stated.
He
listed some of the woes recorded in the country in spite of increased earnings
from crude oil sales at the international market to include: the pervasive infrastructural
inadequacies which inhibited the operations of businesses and the attendant business
closures; the escalating energy crisis and incessant increases in the prices of
petroleum products which make the cost of manufactures goods very prohibitive
and incomparable with those of other economies globally.
He made particular
reference to the manufacturing sector which recorded a dismal performance in 2006
and which has remained a source of concern to key stakeholders and the general
public.
He said in 2006, over 50 manufacturing firms mostly textile companies
closed down while capacity utilisation dropped drastically from over 70 per cent
in the preceding year to about 40 per cent in 2006. He described the problems of the real
sector as multidimensional ranging from weak domestic demand, deteriorating infrastructures
compounded by energy crises, low demand for locally manufactured products, high
interest rates, inconsistent monetary and fiscal policies to massive influx and
dumping of adulterated foreign goods into the country.
The CITN boss therefore
appealed to the government to show more concern to the plight of the people by
ensuring that it works assiduously to fulfill all its promises to citizens on
target deadlines. |
