A Kano-based economic analyst, Mallam Sani Shehu, has urged the Federal Government to take measures to prevent inflation following the diversification of the economy on taxation to finance its 2015 budget.
Shehu said that the call was necessary because the government said about 47 per cent of its revenue would be generated from taxes due to continuous fall in crude oil price.
According to him, though the government said that taxes would not affect the poor and middle class, it is envisaged that people would indirectly feel it due to multiplier effects.
“The government should, as a matter of urgency, put a mechanism that will assist to check inflation for its adverse effects on the economy,” he said.
Shehu said that government should intensify efforts to ensure that some indigenous firms stop exercising power of monopoly to maximise profit.
He said that would assist to curb the inflation, boost production and create jobs for the teeming number of unemployed youths in the country.
He also urged the government to take measures that would prevent mismanagement of public funds and corruption because the government lost a lot on such illegal acts.