FG Targets More Revenue from 19 Million Taxpayers

tax relief
  • FG Targets More Revenue from 19 Million Taxpayers

The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government was targeting to earn more revenue through the introduction of additional five million taxpayers to the tax net.

Adeosun, who said this during a meeting with a World Bank Mission of 10 executive directors led by Mr. Patrizio Pagano, noted that the Federal Government would mobilise more revenues to drive its growth plan for the economy.

She stated that the government would accelerate Nigeria’s growth level and also improve the country’s ranking on the Ease of Doing Business Index.

The minister said, “The Nigerian government is working towards accelerating the country’s growth level. The growth will be underpinned by stimulating the ease of doing business in Nigeria and improving our capital expenditure, which we have done in the last two years.

“Nigerians should trust the government to deliver on its promises of improving the economy and providing sustainable infrastructure development. We are very optimistic but we will remain vigilant.”

Adeosun added that the taxpayers’ base had risen from 14 million in 2016 to 19 million presently.

This, she noted, was an increase in the tax system by five million taxpayers.

She said, “By 2019, the growth will be stronger than the present level in 2018. We are optimistic in sustaining Nigeria’s economic growth. That is why we are driving the mobilisation of more revenues.

“We have been able to grow the taxpayers’ base to 19 million in two years from the 65 million economically active people who are not tax complaint.”

In his comments at the meeting, Pagano explained that the team was in the country to acquaint itself with the government’s growth and power priorities.

“We have met with several Nigerian entrepreneurs and have seen how vibrant the private sector is. We want to understand how the power sector is evolving in Nigeria,” Pagano said.

The World Bank officials had earlier met with the Organised Private Sector in Lagos and undertaken a tour of LAPO Microfinance project in Lagos.

The 10 World Bank’s Executive Directors, representing 96 countries, are expected to inspect the Azura Power Plant in Edo State in the course of their three-day visit to Nigeria.

The visit is expected to provide a first-hand impression of the challenges that both the federal and state governments face in implementing development projects as well as ensuring overall good governance.

It will further enhance the goal of the bank for member-countries and the effectiveness of the executive directors in providing the necessary support.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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