Economy and Politics: Why Nigeria Needs to Grow its Non-Tax Revenue in 2022 - Ayo Teriba
This edition of "Economy and Politics" features Dr. Ayo Teriba the CEO of Economic Associates, as he speaks on "Nigeria's Fiscal Policy Realities in 2022". According to Teriba Nigeria is facing a revenue challenge by choice by not adopting critical economic reforms since 2015.
Looking at the state of the economy, he said that recession, devaluation, and the effects of the pandemic adversely affected incomes and corporate profits, which is why trying to grow tax revenue is a wrong approach.
He stressed the need for Nigeria to focus on growing non-tax revenues and issuing only non-interest debt (i.e. no coupon payments), as the nation faces the challenge of debt cost management.
The economist said non-tax revenue generated from idle assets could experience a surge during a period of recession, devaluation, and a pandemic-induced economic slowdown.