Enhancing Revenue Generation through Organised and Transparent Tax Structure: Insights from Professor John Ohaka

Professor John Ohaka, a renowned expert in Accounting and Tax Management, has called on the government to establish a transparent and organized tax structure to boost revenue generation at the grassroots level. Speaking at the 110th inaugural lecture of Rivers State University in Port Harcourt, Prof. Ohaka emphasized the importance of utilizing tax revenues for the public good and services as part of the government’s social contract with its citizens.

In his lecture titled ‘Plug-and-Play Opportunities in Accounting and Taxation: A Social Contract Lens,’ Prof. Ohaka highlighted the crucial role of accounting and taxation in driving socio-economic development, wealth redistribution, and national growth. He stressed the need for a well-structured tax system that benefits various stakeholders, including businesses and individuals.

The professor proposed several strategies to enhance Nigeria’s tax system, such as promoting transparency and accountability in public spending, offering tax incentives for key sectors, and fostering collaboration among stakeholders. He also recommended the introduction of a transparent village tax structure to improve revenue generation at the grassroots level.

Prof. Ohaka urged the government to ensure that tax revenues are efficiently used for essential public services like infrastructure, healthcare, education, and security. He emphasized the importance of transparency in government spending to build trust among taxpayers and prevent the misappropriation of public funds.

In closing remarks, the Vice-Chancellor of Rivers State University, Professor Isaac Zep-Obipi, praised Prof. Ohaka for his insightful lecture and recognized the significance of accounting and taxation in driving economic transformation. He lauded the professor for introducing the concept of the social contract in taxation, highlighting its role in creating equitable societies and empowering governments.

Overall, Prof. Ohaka’s call for a transparent and efficient tax structure resonates with the need for responsible governance and effective utilization of public funds for the benefit of all citizens.