Revenue Diversification: Nigeria Must Improve Its Ease Of Paying Taxes - Suleiman Ndanusa
As Nigeria seeks to diversify its revenue base from crude oil dependency faced with challenging socio-economic conditions, simplifying the process for tax payments must be given top priority by the Federal, State and Local Governments.
The Co-Chair of the Nigeria Economic Summit Group, NESG Fiscal Policy Roundtable Dr Suleyman Ndanusa disclosed this as a guest on the 59th edition of the WebTV "Economy and Politics" show which discussed "Nigeria and The Quest for Revenue Diversification". Dr Ndanusa harped on the need for the fiscal policy makers to take the post pandemic era to make tough choices like rationalizing Ministries, Departments and Agencies and encourage investments in sectors and activities that will drive productivity in the economy.
He agreed that the current level of high percentage of debt servicing cost which was 99% of revenue in Q1, 2020 was not sustainable for the polity, and called for concerted efforts by the government to leverage the capital market to liberalize some of the State Owned Enterprises, SOEs to achieve liquidity and efficiency for the corporations.