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s to cushion the fall in oil revenue, the minister said, was to significantly increase non-oil revenue in the country, as she announced an aggressive tax administration in which, private jets, yachts, Champagne and a list of others to be announced would be taxed.
The minister said that the idea of Luxury Goods Tax was not to stop wealthy members of the Nigerian public from enjoying their wealth but to create an avenue for them to share with those at the lower levels of the ladder.
According to the minister, the issue of capital flight was now engaging the attention of the administration, just like many other African nations, saying that a study has been commissioned to determine the activities of corporate citizens and other individuals who were evading taxes as well as those involved in capital flight.
She added that monetary measures should also be expected in the efforts to ensure a stable Nigerian economy, despite the falling oil prices.
Okonjo-Iweala dismissed suggestions of printing Naira notes just to keep spending, as according to her, that would be the worst that could happen to an economy, especially among the poor, adding, “spiral inflation is the worst enemy of the poor.
“Printing money without adequate revenue support will lead to serious consequences for the country. It will spur inflation as the experiences of Germany in the early part of the last century and more recently, Argentina and Zimbabwe demonstrate. This prescription will victimize the poor and middle class that it is supposedly protecting,” she said.
Source:Vanguard