‘Nigeria Need Transformative Fiscal Reforms To Propel Economic Growth’

President of the Madonna University Alumni Association, Peter Nwachukwu has called for transformative fiscal reforms to propel Nigeria’s economic growth, enhance security, and foster development.
Nwachukwu stated this at the Peace Achievers Awards, where he received the prestigious Special Recognition Award in Financial Management and an Honorary Doctorate in Leadership and Financial Management from the American Management University.

Speaking to journalists at the event, Nwachukwu highlighted the critical need to diversify revenue streams and reduce dependency on oil.

According to him, Nigeria’s tax-to-GDP ratio of 9.4 per cent is relatively low. This untapped potential can drive development, curb borrowing, and ease inflationary pressures.

He advocated empowering states to harness their unique resources thereby fostering fiscal autonomy and economic innovation.

Nwachukwu linked national security to economic stability, emphasizing how insecurity disrupts agriculture, weakens investment, and fuels inflation, saying that “fiscal reforms must address root causes like unemployment, poverty, and inequality.

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“Creating employment and empowering marginalized communities can reduce social tensions and foster stability.”

He also underscored the importance of aligning fiscal and monetary policies to ensure sustainable growth.

“Stable interest rates, inflation control, and targeted credit facilities for sectors like agriculture, technology, and manufacturing are vital. Effective collaboration between fiscal authorities and the Central Bank is essential to maintaining price stability and a predictable exchange rate,” Nwachukwu stated.

He urged stakeholders to embrace bold, innovative reforms that unlock opportunities for all Nigerians.

“The solutions to our challenges lie in strengthening fiscal federalism, prioritising human and infrastructural development, and driving inclusive prosperity,” he declared.