Adeosun urges multinationals to pay tax

Nigeria has urged G-24 member countries to compel multinational corporations to pay their fair share of taxes in places where they operate.

The Minister of Finance, Mrs. Kemi Adeosun spoke with reporters in Washington D.C on the outcome of the closed door meeting of the G-24 Finance Ministers and Central Bank Governors on the sideline of the ongoing International Monetary Fund (IMF)/the World Bank Group General Meetings, yesterday. The G-24 represents the world's most industrialised nations.

Mrs. Adeosun lamented that the country loses huge amounts of money yearly through tax evasion perpetrated by multinational corporations. The appeal she said, has become imperative because Nigeria was determined to block revenue leakages and streamline its finances to develop infrastructure and create jobs.

"We were able to make two contributions to members of the G-24. One of the contributions was the need for accelerated investment in infrastructure as the way out of our current situation which we believe will create jobs and reduce poverty. Another issue that we raised was tax evasion and the fact that we need the multilateral agencies to support us.

"Trade is very important, but we need the multilateral nations to ensure that all multinational companies that trade in Nigeria pay their fair share of taxes and that point was well taken,"she said.

She added that she was optimistic that before the end of the IMF/World Bank meetings, she would be able to tie up some of the pledges agreed on to specific projects in the housing and energy sectors.

On the possibility of accessing IMF loans, Mrs. Adeosun restated Nigeria's resolve not to rely on loans from the IMF, but rather to pursue budget support facilities from the World Bank and the African Development Bank (AfDB).

Meanwhile, the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo said he has briefed the country's representatives on recent developments in the international oil market.

He said OPEC came to brief the Commonwealth Ministers of Finance and Central Bank governors on the recent short time developments.

"I briefed them on the outcome of the last OPEC meetings and the immediate prospects.Our last meeting was not only positive for Nigeria, but to the entire group. If you recall, Nigeria together with the Islamic Republic of Iran and Libya are being considered as countries undergoing special circumstances," he said.

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