By Mayowa Oladeji
The Federal Government stated on Tuesday that the best actions to significantly reduce external borrowing and lower Nigeria’s huge debt burden remained the collection of additional taxes and the effective blockage of revenue leakages.
However, the government said that the debt load was within its capacity to manage.The Federal Government stated on Tuesday that the best actions to significantly reduce external borrowing and lower Nigeria’s huge debt burden remained the collection of additional taxes and the effective blockage of revenue leakages.
The Director (Technical Services), Fatima Hayatu, spoke on behalf of the Minister of Finance, Budget, and National Planning, Zainab Ahmed, at a workshop on tax expenditure that the Economic Community of West African States Commission hosted in Abuja.
This was as part of the implementation of the support program for tax transition in West Africa.
The purpose of the meeting was to review guidelines for harmonizing tax spending management procedures as well as for monitoring and assessing the tax transition in ECOWAS member nations.
The Minister stated that the government was very concerned about the problem of tax expenditure.
The government had stated in July that the nation’s debt service costs for the first quarter (Q1) of 2022 would be N1.94 trillion, which is N310 billion more than the actual revenue received during that time.[…]
