{"id":106885,"date":"2023-08-12T18:28:39","date_gmt":"2023-08-12T17:28:39","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=106885"},"modified":"2023-08-12T18:28:39","modified_gmt":"2023-08-12T17:28:39","slug":"tinubu-fg-ll-close-tax-gap-limit-borrowing-n20trn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-fg-ll-close-tax-gap-limit-borrowing-n20trn\/","title":{"rendered":"Tinubu: FG \u2018ll Close Tax Gap, Limit Borrowing N20trn"},"content":{"rendered":"
The Federal Government has said it was targeting to close the tax revenue gap in the country, which stood at about N20 trillion annually, as a strategy to make the country financially buoyant.<\/div>\n
\n
\nThis is even as President Bola Tinubu expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria\u2019s limited government revenues.<\/p>\n

Tinubu who spoke at the inauguration of Presidential Committee on Fiscal Policy and Tax Reforms, chaired by \u00a0Taiwo Oyedele, on Tuesday at the Presidential Villa, Abuja, charged the committee to improve the country\u2019s revenue profile and business environment as the Federal Government moves to achieve an 18% Tax-to-GDP ratio within three years.<\/p>\n

The President directed the Committee to achieve its one-year mandate, divided into three main areas: fiscal governance, tax reforms, and growth facilitation.<\/p>\n

He also directed all government ministries and departments to cooperate fully with the committee towards achieving its mandate.<\/p>\n

Tinubu told the Committee members the significance of their assignment, as his administration carried the burden of expectations from citizens who wanted \u00a0government to make their lives better.<\/p>\n

\u201dWe cannot blame the people for expecting much from us. To whom much is given, much is expected.<\/p>\n

\u201dIt is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,\u201d he declared.<\/p>\n

Acknowledging Nigeria\u2019s current international standing in the tax sector, the President said the nation still faced challenges in areas such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa\u2019s Continental average.<\/p>\n

\u201cOur aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.<\/p>\n

\u201dWithout revenue, government cannot provide adequate social services to the people it is entrusted to serve.<\/p>\n

\u201dThe Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,\u201d the President directed.<\/p>\n

In a chat with State House Correspondents after the inauguration, Oyedele explained that \u201cthere is a huge tax gap. What that means is, as of today without introducing any new taxes. If you get everyone that needs to pay their taxes to pay, we will not be where we are.\u201d<\/p>\n

According to him, tax gap was somewhere in the region of N20 trillion, and assured that the committee will ensure the gap was closed.<\/p>\n

\u201cIn addition to that, you would also imagine that we have in efficiencies in the way we collect the little that we currently collect, and that inefficiency is coming from\u2026\u00a0 Sometimes, I think in the 2023 budget we have, like 63 MDAs they were given revenue targets. Those MDAs want to be able to focus on their primary duties of why they were established.<\/p>\n

\u201cThe revenue mandate is a distraction for them. You have the FIRS for example. So FIRS is built up and created to administer taxes efficiently. Imagine that we asked the FIRS to collect those revenues on their behalf.<\/p>\n

\u201cSo those agencies by focusing on their primary mandate, they will facilitate the economy development we\u2019re looking for. FIRS will collect the revenues efficiently, which means not only is the top line growing, the cost of collection is reducing, and that leads to a much bigger margin to take care of the people.\u201d<\/p>\n

Oyedele pledged the total commitment of members to give their best in the interest of the nation.<\/p>\n

<\/div>\n
<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Government has said it was targeting to close the tax revenue gap in the country, which stood at about N20 trillion annually, as a strategy to make the…<\/p>\n","protected":false},"author":1,"featured_media":106888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-106885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nTinubu: FG \u2018ll Close Tax Gap, Limit Borrowing N20trn - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-fg-ll-close-tax-gap-limit-borrowing-n20trn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu: FG \u2018ll Close Tax Gap, Limit Borrowing N20trn - 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