The Tax Justice and Governance Platform Forum of Akwa Ibom State, a coalition that is committed to fair tax policies and effective public resource management has raised the alarm over the increasing debt profile of the state.
It expressed sadness that data obtained from the Debt Management Office indicated a 61.1 per cent increase in the debt profile of the state with the debt jumping from N215.99bn in 1999 to N347.75bn in 2023 in four years.
Addressing a press conference in Uyo, Akwa Ibom State on Saturday, the chairman of the Forum, Dr Harry Udoh, expressed concern that the burgeoning increase could pose serious implications for tax justice.
According to him the debt burden may spur aggressive tax policies that might disproportionately affect low-income residents, exacerbate socioeconomic disparities as well as diminish funding for public service delivery in notable areas of education, health, and others.
