Can Nigeria achieve N18 trillion revenue target?
, a 15 per cent revenue to GDP target by 2023. A cross-section of experts who have monitored the nation’s economic trajectory thus far have argued that though this is a rather ambitious target but can be achieved and surpassed if the nation’s economic managers get their acts together.Although the economy has literally gone south, no thanks to the disruptions imposed by the ranging coronavirus pandemic across the globe, for those who control the levers of the economy, all hope is not lost.
Ahmed spoke during a webinar that focused on leveraging data to drive inclusive policy, revenue generation and improved governance. She said the economy faced serious challenges in the first half of 2020, seeing about 65 per cent decline in projected net 2020 government revenues from the oil and gas sector, with adverse consequences for foreign exchange inflows.
Besides, the NECA boss said, “Apart from solid minerals, the government can also rake in funds through the sales of moribund or inactive national assets. An example is the Federal Secretariat, in Lagos state, which is rotting and decaying away. This can either be commercialised or sold outright to interested investors.
He was however, quick to add that the government should not only focus on the oil and gas sector alone. “Of course, Nigeria has sufficient potential to yield more than that. The economist who fell short of blaming the government and its agents for the parlous state of the economy due in part to some incurably defective policies, said, “We run a system of patronage essentially, on rent-seeking such that instead of people supporting the government, it’s been the other way round.
Over the years, the government has inebriated itself in petrol dollar, they didn’t care about the private sector, they didn’t care about the market, they didn’t care about the system. So you are saying that as much as the government must apply measures, it must be careful in suggesting measures that could further impoverish the suffering masses. This is my position.”
This represented 8.45 per cent growth year-on-year with the professional services generating the highest amount of VAT with N95.92 billion. On the other hand, the Nigeria Customs Service import VAT rose by 12.44 per cent to N81.66 billion compared to N72.59 billion in Q1.
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