‘Raise Taxes, Tackle Exchange Rates’ — UK Envoy Shares Agenda For Nigeria’s Next President

Catriona Laing, British high commissioner to Nigeria, says Nigeria’s next president should increase taxes and address the issue of multiple exchange rates.

Speaking on Tuesday in an interview on Channels Television, Laing listed three major decisions the next president should take.

The UK envoy said the next president should also remove petrol subsidy and seek ways that the removal will not hurt the poor.

She added that the next president should build a “strong inclusion team” which will especially include youths and women.

“It is going to be the economy — number one — because that is holding Nigeria back. The economy failing is also causing a lot of insecurity,” she said.

“There are two or three key decisions that the incoming president has to take.

“Number one is to remove the fuel subsidy, but to do it in a way that protects the poor people.

“Secondly is to tackle the multiple exchange rates. Businesses will not invest in this country if they can’t secure their foreign exchange.

“Three, raise taxes. You have one of the lowest tax ratios in the modern world. Without raising revenue, you can’t invest in public services. And public services — infrastructure, education — are key to the future.”