‘Accurate Tax Payment Essential’
Deregulation may bring immediate challenges, but its long-term effects will stabilize and grow the economy, according to Dr. Mutiu Sunmonu, Chairman of Julius Berger PLC and former Country Chair of Shell Petroleum Development Company. Speaking at the University of Lagos Alumni Association lecture held at Ade Ajayi Hall, UNILAG, Akoka, Sunmonu emphasized the necessity of the Tinubu administration’s bold economic reforms, including subsidy removal, forex policy changes, and tax reforms.
Delivering his lecture titled “Nation-Building in a Deregulated Economy: A Clarion Call for Citizens,” Sunmonu urged Nigeria to transition from an import-dependent economy to one driven by productivity. He lamented that years of low productivity and rising unemployment have severely weakened the nation’s economic health. Reflecting on the fuel subsidy, which he described as an “evil” policy draining $40 billion annually, he asserted that funds used for subsidies could be better allocated to improving education, building social infrastructure, and directly supporting public welfare.
Sunmonu acknowledged public frustration over economic conditions, including rising prices and the fluctuating value of the Naira. He advocated for “targeted subsidies” in essential areas like food production rather than broad fuel subsidies, which he argued fail to address long-term issues. While admitting that deregulation comes with immediate hardships, he assured Nigerians of its future benefits, including economic stability and growth. “Though the reforms may feel painful now, sustaining them will pave the way for a brighter and more stable future,” he said.
Calls for Civic Responsibility and Institutional Support
Sunmonu emphasized the importance of accurate and timely tax payments, urging Nigerians to fulfill their civic responsibilities as a way of supporting the nation’s development. Highlighting the critical role of tax revenue in nation-building, he called on citizens to contribute meaningfully to the collective good.
The event, chaired by Dr. John Momoh and hosted by Alumni Association President Ife Oyedele, saw prominent attendees, including UNILAG Vice-Chancellor Prof. Folasade Ogunsola, Deputy Vice-Chancellor Prof. Ayodele Atsenuwa, and other dignitaries like Dr. Sunny Kuku, Emeritus Prof. Olayide Abass, and Prof. Khalid Adekoya.
In his welcome address, Oyedele called on alumni to support the university in addressing its significant challenges, particularly its soaring operational costs. Highlighting UNILAG’s electricity bills exceeding ₦430 million monthly and additional expenses on diesel, he urged collective efforts to uphold the institution’s standards. “Your certificates lose value if your university’s reputation diminishes. We aim to make UNILAG the best in Nigeria and one of the leading universities in Africa,” Oyedele stressed.
Sunmonu’s message echoed a sense of optimism, emphasizing that while economic reforms may seem burdensome initially, their long-term outcomes will strengthen Nigeria’s economy and provide substantial benefits for future generations.