… Advocates Regular Tax Compliance
Dr. Mutiu Sunmonu, Chairman of Julius Berger PLC and former Country Chair of Shell Petroleum Development Company, has reiterated that while deregulation in Nigeria may bring temporary challenges, it holds the promise of long-term stability and economic growth. Speaking at the University of Lagos Alumni Association lecture on December 3, Sunmonu emphasized the necessity for Nigeria to shift from an economy reliant on imports to one driven by productivity and innovation.
Delivering his address on “Nation-Building in a Deregulated Economy: A Clarion Call for Citizens,” Sunmonu highlighted critical reforms introduced by the Tinubu administration, including the removal of fuel subsidies, the floating of the naira, and tax system overhauls. These, he asserted, are pivotal steps toward reversing economic derailment and fostering sustainable development. The lecture, held at Ade Ajayi Hall, UNILAG, Akoka, drew an audience of distinguished guests, including Vice-Chancellor Prof. Folasade Ogunsola, Deputy Vice-Chancellor Prof. Ayodele Atsenuwa, and industry leaders such as Dr. Sunny Kuku and Prof. Olayide Abass.
Reflecting on Nigeria’s economic trajectory, Sunmonu lamented the prolonged decline marked by low productivity and escalating unemployment. He described the fuel subsidy as an “evil” drain on national resources, consuming $40 billion annually without delivering equitable benefits. Redirecting such funds, he argued, could significantly enhance education, social infrastructure, and targeted welfare programs. He also proposed that targeted subsidies, such as support for food production, offer a more effective approach to mitigating economic hardships.
Sunmonu acknowledged the frustration of citizens grappling with inflation and the naira’s depreciation, but he called for resilience, urging Nigerians to consider the long-term benefits of deregulation. “Deregulation will come with pain, but ultimately, it will bring stability and growth,” he stated. Encouraging citizens to embrace optimism, he added, “Let us not lose hope due to the short-term effects of these reforms. If sustained, they will yield substantial benefits in the future.”
He also emphasized the importance of regular and accurate tax payments, framing it as a civic duty that underpins national development.
Alumni Encouraged to Support UNILAG
In his welcome remarks, Ife Oyedele, President of the University of Lagos Alumni Association, urged alumni to assist the institution in meeting its operational demands. Highlighting the university’s financial challenges, Oyedele noted, “UNILAG’s monthly electricity bill exceeds N430 million, and the institution still relies on diesel generators. If UNILAG cannot maintain its standards, the value of our certificates will diminish.” He appealed to stakeholders to help position UNILAG as one of Africa’s leading universities.
Sunmonu’s call to action and his pragmatic insights into the benefits of deregulation left the audience inspired, with a collective resolve to contribute to Nigeria’s economic transformation.