FG Targets N18tn in New Revenue Drive
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government has identified new revenue initiatives that could fetch it between N13 trillion and N18 trillion from both oil and non-oil revenue sources.
She added that this is significantly below those of its comparator countries and the continent average as well as below the ERGP target. According to her, the economic and fiscal challenges currently confronting the country resulted from limited resources in the face of unlimited needs and wants. She said in spite of the current challenges, the government had taken steps to cushion the impact of the COVID-19 pandemic on Nigerians by adopting a data-driven approach to prioritise responses.
She commended the leadership of the NBS under Dr. Yemi Kale for the remarkable progress recorded in data production system in recent times, despite the challenges of producing the official statistics in the country, adding that the statistical agency has continued to manage and sustain the delivery of data both in quality and timeliness.
He said: “Just in the last six months, what the federal government had done in terms of opening up the administrative and fiscal data of government to the public has truly been remarkable.” Kale, on his part, said as the apex body of official statistics, a key function of the NBS is to centralise and mainstream the data generated within the public sector, adding that this could provide the most useful insight into opportunities for revenue generation, and highlight gaps that exist within the tax collection system.
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