Don advocates transparent tax system for economic growth
A professor of Accounting and Tax Management, John Ohaka, has urged the government to map out an organised and transparent tax structure to enhance revenue generation at the grassroots levels.
Prof. Ohaka, who is the Dean of the Faculty of Administration and Management, Rivers State University, Nkpolu-Oroworukwo, Port Harcourt, emphasised that the government must uphold its responsibility under the social contract by ensuring that tax revenues are effectively utilised for public good and services.
Prof. Ohaka stated this while delivering his inaugural lecture titled ‘Plug-and-Play Opportunities in Accounting and Taxation: A Social Contract Lens’ at the institution’s 110th inaugural lecture in Port Harcourt.
Advancing his reasons for picking the theme, he said, “I chose this topic as a result of the significant impact of accounting and taxation on the Nigerian economy and to reflect my research insights.
“Accounting and taxation, often seen as necessary burdens, in reality, are instruments for socio-economic development, wealth redistribution, and national growth.
“The plug-and-play metaphor emphasizes multiple opportunities inherent in a well-structured accounting and tax system. It underscores how various stakeholders – businesses, and individuals can harness the potential of governments, accounting and taxation for diverse objectives.”
The university don recommended several strategies to improve Nigeria’s tax system, including transparency and accountability in public spending, providing quality public services to justify taxation, granting tax incentives for critical sectors, and encouraging collaboration among stakeholders.
“The government must uphold its responsibilities under the social contract by ensuring that tax revenues are efficiently utilized for public goods and services, including infrastructure, healthcare, education, and security.
“The government should regularly publish detailed reports on how tax revenues are spent and the beneficial outcomes of the funded projects. Transparency in spending builds trust and shows taxpayers that their contributions are being used efficiently and effectively.
“Looting of public treasury (taxpayers’ money) by government functionaries should be a thing of the past because it sends dangerous signals of lack of transparency and accountability in government spending.”
In his closing remarks, the Vice-Chancellor of the university, Professor Isaac Zep-Obipi, commended Prof. Ohaka for his insightful lecture, acknowledging the importance of accounting and taxation in transforming economies.
The VC said, “According to the lecturer, accounting and taxation are instruments for socio-economic development, wealth creation, and national growth.
“They loosen economies, empower governments, and create equitable societies. For me, Prof. Ohaka has added to the vocabulary of taxation with his concept of the social contract.”
