Chidoka says Buhari's cabinet members are too old to understand Paystack and Flutterwave

Chidoka says Nigeria needs young people to be the Chairman of the Federal Inland Revenue Service.

Osita Chidoka says Nigeria needs young people to be the Chairman of the Federal Inland Revenue Service. [Twitter/@bukolasaraki]

Osita Chidoka, former Minister of Aviation, says the President Muhammadu Buhari-led administration does not know how to tax financial technology companies like Paystack and Flutterwave because his cabinet members are too old to understand fintech.

Chidoka who is a member of the opposition Peoples Democratic Party (PDP) said this while speaking at The Platform, an annual conference organised by the Senior Pastor of the Covenant Christian Centre, Lagos, Poju Oyemade on Saturday, May 1, 2021.

The politician said Nigeria needs young people to be the head the Federal Inland Revenue Service (FIRS), saying the people in position of power are too old to understand how fintech companies work.

He said, “What is the average age of our cabinet? Our cabinet does not reflect Nigeria. They cannot understand Paystack, they cannot understand Flutterwave. They cannot understand Kobo360.

“They don’t know how to tax them. The tax authorities are taxing their revenues, because they think that all the money received by Kobo360 is revenue. No, it is money they are receiving as an aggregator.

“So we need young people like you to be the Chairman of the FIRS. That’s what we need. We need people who understand.

“We can’t help them. Mr. President cannot understand it. The APC government does not understand it. They are too old to understand it. What they understand is borrowing money from the Central Bank.”

He maintained that the new crop of technology innovators in the country are part of a new Nigeria.

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