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FG sets to double Nigeria's economic growth in 2 years - Minister

FG sets to double Nigeria's economic growth in 2 years - Minister

- Kemi Adeosun, the minister of finance, has said that the federal government is intent upon increasing Nigeria’s tax to Gross Domestic Product (GDP) ratio in 2 years

- Adeosun remarked that Nigeria's GDP ratio is low, compared to those of some countries in Africa

- She stated that the ministry has come up with some initiatives to implement this proposal

The federal government is committed to doubling Nigeria’s tax to Gross Domestic Product (GDP) ratio from its current six per cent to 12 per cent by year 2020.

The minister of finance, Kemi Adeosun, said in an interview with the News Agency of Nigeria (NAN) in New York that Nigeria was among the lowest tax-paying country in the world.

The minister had earlier participated on a panel that discussed ‘Revenue Leakages: Illicit Financial Flows’ at the platform for collaboration on tax conference at the UN headquarters, New York.

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Adeosun said: “We’ve made it the focus to improve our tax to GDP ratio from six per cent where it currently is to move it up into a spare for other African countries. Ghana has 15 per cent, South Africa has 24 per cent. Most developed countries have 30 per cent. So Nigeria’s six per cent is very low.

“So we need to correct that and we’ve driven a number of initiatives to do this. We shared that with the panel. We shared some of our challenges with the panel and we got some very good advice and support which would be taken back to Nigeria to implement.”

She however remarked: “We are not satisfied yet until that figure is significantly moved from where we are in today. As I said, we’ve set ourselves a target, we want to pursue that aggressively and all the revenue generating agencies especially Federal Inland Revenue Service (FIRS).

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“States Internal Revenue Service are being equipped to really take on that task and we expect that to yield result.”

The minister had also held a private meeting with the head of organisation for economic cooperation and development global forum on exchange of information, Monica Bhatia.

The meeting focused on Nigeria’s efforts for developing international networks and collaboration with other countries to secure taxpayer information.

Meanwhile, reported that the United States on Tuesday, February 13, urged Nigeria to create an enabling environment for the processing of agricultural products to encourage sales of such products in the international market. gatheredt that Harry Sullivan, the acting director for economic and regional affairs, made the call in a teleconference with journalists organised by the public affairs section of the US embassy.

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