The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has stated that lack of accountability in the use of taxes in Nigeria is one of the major issues preventing Micro, Small and Medium Sized Enterprises (MSMEs) from paying taxes to the government.
Speaking at the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI) yesterday, Anite said ensuring government use taxes received to improve the local business environment was also another factor.
The minister added that paying taxes by many small businesses and MSMEs is a scary one as they contend with tight profit margins.
She, however, said financing and taxation could play a crucial role in driving a new economy in Nigeria, especially for MSMEs.
“MSMEs are an essential part of our economy and contribute significantly to economic growth and development. A key focus for me is consumer credit reforms. Imagine what access to affordable credit could do for your businesses,” she said.
Consumer credit would provide businesses like yours with the necessary financial resources to invest in new equipment, hire additional staff, or develop new products and services.”
On his part, the Minister of the FCT, Nyesom Wike, said one of the key drivers of sustainable financing and taxation in the FCT was the diverse and growing economy of the territory.