The International Monetary Fund, IMF, yesterday urged Nigeria to urgently review the country’s tax policies by widening the tax base and increasing compliance on Value Added Tax, VAT. Speaking at a panel session on ‘Leveraging Dom Amine Mati estic Resource Mobilisation for Sustainable Development,’ at the 2018 Nigerian Economic Summit, NES, in Abuja, yesterday, Mission Chief and Senior Resident Representative of IMF in Nigeria, Mr. Amine Mati, noted that these measures would help bring about a significant increase in Nigeria’s revenue base. He said: “In terms of non-oil revenue, at four to five per cent of GDP, this is very low. Though, it is important to note that the government is working to improve on this. There used to be an excise on fuel products in 2009, which used to bring quite a lot and that had been discontinued since 2009.
“One interesting thing about excise for quick revenue generating measure, in changing the rate, you do not need to go through parliament and the whole process; this is an executive decision that can be made. In Nigeria, excises only bring 0.1 per cent of GDP. This is one of the easiest sources of revenue to get. 0.1 per cent of GDP compared to three per cent of GDP compared for ECOWAS and most other countries.
“In terms of proper tax collection, excise in Nigeria is only 2.3 per cent. This tells you how much potential there is in trying to get revenue up. Some of the recommendations here is to have specific excise — such as excise in fuel products, excise on luxury goods, including on airtime fees. We just need some small simulation on that. That would give you 0.8 per cent of GDP within a year; that is money you can spend on import and development spending.”
Niger Targets Poorest Communities With N1.2bn World Bank Scheme
The Niger State government has obtained N1.2 billion from the World Bank Assisted Community Service Development Project to improve the...
Nasarawa Upgrades Specialist Hospital
Determined to ensure the wellbeing of residents, the Nasarawa state government has upgraded the only tertiary healthcare hospital in the...
Nigerians in Diaspora : John Oluseun Dabiri An American-Based Nigerian Biophysicist
John Oluseun Dabiri who, was born in 1980, is a Nigerian-American biophysicist, professor of aeronautics and bioengineering, currently at the...
Pan Holds On To Mother Tongue Through Bible Translation
In order not to allow Pan language go extinct, the Pan-speaking natives of Quanpan local government council of Plateau have...
No Plans To Witch-hunt Bauchi’s Outgoing Administration – Gumba
Senator Ibrahim Gumba is chairman of the Transition Committee in Bauchi State. In this interview with BEATRICE GONDYI, he speaks...
Power Play In PDP As Bayelsa Conducts LGPolls
The Bayelsa State Independent Electoral Commission (BSIEC) has fixed July 27 for the conduct of the local government election into...
CRIME17 hours ago
Bandit Attacks: Katsina Emirate Suspends Sallah Durbar
NEWS20 hours ago
Edojobs-Backed Startups Pitch To Investors, Seek To Expand Clientele Base
Others20 hours ago
Miracle: Day-Old Baby Buried By Mother, Found Alive 2 Days After
NEWS20 hours ago
Bagudu Bids Farewell To Commissioners After Valedictory Session
NEWS17 hours ago
Libel: Magu Drags 247Ureport To Court
NEWS17 hours ago
Kano Govt Budgets N119m To Tackle Flood
ENTERTAINMENT2 hours ago
NFVCB Sets Up Panel To Investigate Bobrisky, Movie
NEWS16 hours ago
Tonto Dikeh Organises Walk Tour For Elimination Of Drug Abuse, Human Trafficking