…‘Regular tax payment key’
Dr. Mutiu Sunmonu, chairman of Julius Berger PLC and former Country Chair of Shell Petroleum Development Company, stated on Tuesday, December 3, that while deregulation will come with pains, it will ultimately bring stability and growth to Nigeria.
He urged Nigeria to transition from being a country of importers to one of productivity.
Sunmonu spoke on the topic “Nation-building in a Deregulated Economy: A Clarion Call for Citizens” during the University of Lagos Alumni Association lecture held at Ade Ajayi Hall, UNILAG, Akoka.
The lecture, hosted by association president Ife Oyedele and chaired by Dr. John Momoh, featured notable attendees including Vice Chancellor Prof. Folasade Ogunsola, Deputy Vice-Chancellor Prof. Ayodele Atsenuwa, Ogbeni Oja of Ijebu-Ode Dr. Sunny Kuku, Emeritus Prof. Olayide Abass, Prof. Khalid Adekoya, and Lekan Fatodu, Chairman of Lagos State Sports Commission.
Sunmonu reflected on the bold and courageous reforms of the Tinubu administration, particularly the removal of fuel subsidy, the floating of forex, and tax reforms, emphasizing their critical importance.
He lamented that Nigeria had failed in some ways, stressing that its economy had derailed.
Sunmonu, who graduated from UNILAG with a First Class in Mathematics and Computer Science, noted that people are complaining bitterly and accusing the government of neglect.
However, he frowned at the assessment of the economy by some people not based on logic and empirical evidence.
He acknowledged that everyday, there is a huge debate about prices and the value of Naira in relation to the dollar.
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Sunmonu pointed out that Nigeria has been sick for a long time, having been assailed by low productivity and soaring unemployment.
Describing fuel subsidy as evil, he said it was a problem that had gulped $40 annually while the gains were not felt by all.
Sunmonu said the money spent on subsidy can be channelled towards the development of education, social infrastructure and subsidy targeted at direct public welfare.
He said the best form of subsidy is ‘target subsidy,’ including subsidising food production.
Sunmonu said the argument that cheap petrol for the masses may be fallacious.
Urging Nigerians to expect the gains of a deregulated economy, he said: “Deregulation will come with pain but in the end, it will bring stability which will bring growth.”
He added: “I don’t want us to lose hope based on the short-term effects of the current economic reforms. In the future, we will have much to gain, if we sustain the momentum.”
Sunmonu urged Nigerians to pay their taxes accurately and promptly.
Welcoming the guests, Oyedele urged the alumni to come to the aid of the institution so that it can meet its needs.
He said: “UNILAG has a lot of needs. The electricity bill for one month is over N430 million. They still buy diesel. Your certificates will be worthless if your university cannot be the standard. We want the University of Lagos to be the best in Nigeria and one of the best in Africa.”