The Minister of Finance, Budget and National Planning, Zainab Ahmed on Tuesday insisted that only the collection of more taxes and effective blocking of revenue leakages were realistic measures that would drastically cut borrowings and reduce the nation’s high debt burden. Ahmed stated this at a workshop on tax expenditure organised by the ECOWAS Commission […]
The Minister of Finance, Budget and National Planning, Zainab Ahmed on Tuesday insisted that only the collection of more taxes and effective blocking of revenue leakages were realistic measures that would drastically cut borrowings and reduce the nation's high debt burden. Ahmed stated this at a workshop on tax expenditure organised by the ECOWAS Commission…
Ahmed stated this 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. Recall that the government had in July revealed that the country’s debt service cost in the first quarter 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period indicating that Nigeria’s debt service cost presently outweighs its revenue.She said: “If we have more taxes and redirect the taxes to the right fiscal sectors of our economy, we will reduce our debt burden. It is not as if the debt is beyond what the goverment can handle.
Ahmed also disclosed that government would commence the rationalisation of tax exemptions by phasing out antiquated pioneers and other tax incentives for matured industries. “I am glad to say that the tax expenditure that federal government has been given has encouraged industries and manufacturers to stay afloat even with the COVID-19 pandemic and also to say that they have been able to keep their staff. That to us is an achievement because we don’t want people to loose their jobs which would reduce the insecurity we are facing.
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