Sunday, October 21, 2018 10.35AM / By NESG,
Supported by Bill & Melinda Gates Foundation
Time: 2:00pm – 4:00pm
Venue: Congress Hall, Transcorp, Abuja
Nigeria’s revenues have historically been low and overly dependent on the oil sector. The International Monetary Fund (IMF) estimates that revenue collected in 2016 across all tiers of government was only about 6% of GDP. Historically, more than 70% of those revenues have come from the oil sector while the non-oil sectors which account for more than 90% of GDP has historically contributed about 30% to revenues.
This limits Nigeria’s ability to credibly execute its development plans and to fund critical social sector programs in health, education and infrastructure for example. It also leaves Nigeria very vulnerable to macro-economic shocks from low oil prices.
The most recent fall in oil prices threw Nigeria into a fiscal crisis with spill-over effects on the economy resulting in a recession in 2016. Building a strong revenue base that is balanced between the oil and non-oil sector is therefore critical to sustainably finance Nigeria’s development programs and long term macro-economic stability.
The 2018-2020 Fiscal Strategy is focused on broadening revenue receipts by identifying and plugging revenue leakages, improving the efficiency and quality of capital spending, greater emphasis on critical infrastructure, rationalization of recurrent expenditure, and gradual fiscal consolidation to maintain the fiscal deficit below 3% of GDP as prescribed by the Fiscal Responsibility Act, 2007.
This Roundtable is a convergence of a range of expert perspectives, research findings, analytics and diagnostics to provide cutting edge insights on some of the most formidable issues that Nigeria faces in leveraging Domestic Resource Mobilization (DRM) for driving its Sustainable Economic Growth and Development.
Opening Remarks by Chairman of Roundtable Session (10 minutes)
The Fiscal Roundtable Video Documentary: “Citizens Perceptions About Fiscal Governance in Nigeria.”
Presentations (30 minutes)
Fiscal Governance and Taxation – Where Are We Now and Where Can/Should We Go from Here?
Mapping the Perspectives and Challenges of Domestic Resource Mobilization in Nigeria
Tax Optimisation – Global Lessons for the Nigerian Context
High-Level Panel Discussion (60 minutes)
Mr. Olufemi Awoyemi (FCA); Chairman, Proshare
Comments, Question and Answers (15 minutes)
Closing Remarks by Chairman of Roundtable Session (5 minutes)
Dr. Sarah Alade, Chairman, NESG Fiscal Policy Roundtable
1. 24th NESG Summit to focus on making Governance and Institutions work Sept 18, 2018
2. NASSBER Bills – A Status Update On Market Related Legislation Sept 21, 2018
3. NESG Announces NES#24 Startup Pitching Event Aug 02, 2018