The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the best measures to reduce the nation’s high debt burden are; collection of more taxes, and effective blocking of revenue leakages. The government had in July said the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period indicating that Nigeria’s debt service cost outweighs its revenue.
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However, the Minister while speaking at a workshop on tax expenditure organised by the ECOWAS Commission under the Context of the Implementation of the Support Programme for Tax Transition in West Africa in Abuja, noted that the issue of tax expenditure was a great concern for the government. “The debt is not something that cannot surmounted. The programme is to block leakages where the taxes are being diverted. So, if we block leakages, and if it is transparent, Nigeria will borrow less and we will have more money to finance other sectors.”
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