President Bola Tinubu has stated his unshakeable commitment to eliminating the vicious circle of over reliance on borrowing for public spending and the weight that results from it on the administration of Nigeria’s meagre earnings for debt servicing.
After establishing the Presidential Committee on Fiscal Policy and Tax Reforms, headed by Mr. Taiwo Oyedele, on Tuesday, Tinubu made this disclosure in a statement through his spokesperson, Ajuri Ngelale.
He gave the Committee the task of enhancing both the business climate and the nation’s income profile as the Federal Government works to attain an 18% tax-to-GDP ratio in three years.
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The Committee’s one-year mandate, which is broken down into three primary areas—fiscal governance, tax reforms, and growth facilitation—was given by the President to the Committee.
Additionally, he gave the committee complete permission to work with all government ministries and divisions to carry out its objective.
President Tinubu explained to the members of the Committee the importance of their task, noting that his administration is under pressure from citizens who want their government to improve their lives.
“We cannot blame the people for expecting much from us. To whom much is given, much is expected.
“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,” he declared.
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Despite Nigeria’s current international ranking in the area of taxes, the president stated that the country still has difficulties, such as the ease of filing taxes and a tax-to-GDP ratio that is lower than even the continental average for Africa.
“We aim to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.
“Without revenue, the government cannot provide adequate social services to the people it is entrusted to serve.
“The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will occur within one calendar year,” the President directed.
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Nigeria’s overall debt stock, excluding the securitized N22.7 trillion Ways and Means Loan, will be N49.85 trillion in January 2023, according to the Debt Management Office.
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