Adeosun Seeks Tax Compliance to Increase Non-oil Revenue

Federation Account Allocation CommitteeMinister of Finance, Kemi Adeosun
  • Adeosun Seeks Tax Compliance to Increase Non-oil Revenue

The Minister of Finance, Mrs. Kemi Adeosun, on Friday called for improvement in the rate of tax compliance as a means of shoring up non-oil revenue for economic development.

The minister, according to a statement by her Media Adviser, Mr. Festus Akanbi, stated that the level of non-oil revenue in the country was unacceptably low, adding that there was a need for concerted efforts to improve revenue generation.

She said, “Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With a tax to GDP ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Our data gathering programme over the last year has now given us the tools we need to be more aggressive at pursuing tax avoiders, both domestically and abroad.

“We are going to focus on tax in 2017 through an asset and income declaration scheme to address our low tax revenue collection and ensure improved compliance, a broader tax base and more sustainable revenue. This is fundamental to delivering on our reform plans.”

The minister, according to the statement, also highlighted the need for strong budget implementation and transparency to create trust and accountability in government.

Adeosun was quoted as saying, “While we focus on raising revenues and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency.

“Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens. This will be a core focus for us.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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