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Momodou
Denmark
11634 Posts |
 Posted - 07 Apr 2014 : 10:34:33
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NO ALLAH’S WORLD BANK TO FINANCE DEVELOPMENT
Foroyaa Editorial: Published on Sunday, 06 April 2014
‘Domestic debt skyrockets to 11.3 billion dalasi as of 2013’ explains the source of revenue. The budget deficits have been increasing beyond sustainable limits. It rose from 302 Million in 2008 to 2400 Million in 2013. It is projected to be 1600 Million in 2014.
This means that government has been raising revenue that falls short of its expenditure requirements. This is what gives rise to deficits which is not being finance from money dropping from the sky, but from domestic borrowing which has now increased to 11.5 billion dalasi.
This money is coming from banks and individuals investing on treasury bills. Such borrowed money has to be paid back.
This is why the president told the National Assembly that “the public amenities and infrastructure that we all enjoy are provided from tax revenue and therefore “his” government will always intensify the implementation and monitoring of the tax laws of this country.” Since the bulk of the revenue comes from taxation, the President asserted:
“In this vein, let me urge my fellow citizens, especially corporate citizens to improve the discharge of their tax obligations for the betterment of the country.” It is therefore the people who are bringing about development through their taxes.
Hence governments should be transparent and accountable to the public. Taxation should go hand in hand with proper and genuine representation. Hence, a government should not tell the people that it is bringing development for them and that they should be loyal to it; on the contrary, they should tell the people to scrutinise how their tax monies are being utilised on their behalf.
The people have a right to reward those who represent them properly and the power to dislodge those who misrepresent them.
Source: Foroyaa Editorial
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A clear conscience fears no accusation - proverb from Sierra Leone |
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NO ALLAH’S WORLD BANK TO FINANCE DEVELOPMENT
