By Dipo Olowookere

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said at the moment, the revenue to Gross Domestic Product (GDP) of Nigeria stands at 8 percent, promising to increase this ratio to 15 percent by the end of the present administration of President Muhammadu Buhari in 2023.

Mrs Ahmed made this disclosure on Thursday at the International Monetary Fund (IMF)/World Bank annual meeting in Washington DC, in the United States of America (USA).

During her remarks, the Minister said part of ways to meet this target is to increase the revenue streams of the country by introducing taxes and expanding the present tax base.

She said it was necessary for the country, which is Africa’s largest economy, to move away from relying solely on crude oil to generate revenue.

According to her, Nigeria’s economy is too dependent on the oil and gas sector, which accounts for just about 10 percent of GDP and represents 94 percent of export earnings and 62 percent of both federal and state governments’ revenues in 2011-2015. She said the country went into recession because the sector suffered shortfall, which dragged the foreign exchange reserves down to $25 billion in November 2016 from $32 billion in January 2015 from a high of $53 billion in 2008.

The Minister said it was because of this economic crisis government came up with the Economic Recovery and Growth Plan (ERGP) in 2017 to diversify the economy and create an enabling business environment.

She noted that since the launch of the 4-year ERGP, “We have recorded year on year improvement on both revenue outturns and revenue to GDP ratio.

“Our revenue outturn as at December 2019 55 percent while it was 58 percent as at June 2019. Our revenue to GDP ratio on the other hand is 8 percent as at end of June 2019 while it was 5 percent as at December 2017.”

According to her, based on the success made so far, the federal government in 2018 launched the Strategic Revenue Growth Initiatives (SRGI), which provides a turnaround blueprint and mechanism that brings together revenue generating entities to review implementation progress.

The Minister said the SRGI was built on three thematic areas including: (1) to achieve sustainability in revenue generation (2) identify new and enforce existing revenue streams and (3) achieve cohesion through people and tools.

She said the initiative includes some cross-cutting enablers including data and technology, performance management and enabling laws and legislations.

“Although, the SRGI contained a robust set of initiatives that was cascaded down as program portfolios to revenue generating entities, it lacked the opportunity sizing of the incremental revenues to be achieved

practically and realistically, given the current and projected structure of the Nigerian economy. This also made it difficult to in turn cascade down the revenue to GDP target of 15 percent by 2023 that was given by the presidency.

“This time around, there are performance targets with consequences for non-performance including the members of the cabinet. For example, I have signed to deliver the 15 percent revenue to GDP in a performance contract and this will be cascaded down to Heads of revenue generating entities to have them aligned to our mission of turning around revenues,” Mrs Ahmed said.

The Minister assured that government will continue to build on the gradual growth in economy, which has recorded nine consecutive quarters of GDP increase, with the annual growth rising from 0.82 percent in 2017 to 1.93 percent in 2018, and 2.02 percent in the first half of 2019.

She attributed this to “our economy’s resilience and gives credence to the effectiveness of our economic policies thus far.”

“We also succeeded in significantly reducing inflation from a peak of 18.72 percent in January 2017, to 11.02 percent by August 2019. This was achieved through effective fiscal and monetary policy coordination, exchange rate stability and sensible management of our foreign exchange.

“We have sustained accretion to our external reserves, which have risen from $23 billion in October 2016 to about $42.5 billion by August 2019,” she added.

https://businesspost.ng/economy/nigerias-revenue-to-gdp-ratio-hits-8-targets-15-2023/

FTC

STC

TTC

5TC

Ugo4hotish:
FTC

Ugo4hotish:
STC

Ugo4hotish:
TTC

Ugo4hotish:
5TC

Ugo4hotish:
6TC

Are you okay?!

6TC

promise that has failed already before d time reach


abeg gerrout

what is the direct impact on lives of Nigerians?

KINGDOS:
what is the direct impact on lives of Nigerians?

Nigeria will start benefiting from government policies more if we go the way of true federalism.

Buhari is the BEST President Nigeria has had since Yakubu Gowon/Awolowo. If you dont think so maybe you are so much a product of the Nigerian system that you not using your full faculties to see the need for economic restructuring .

Economic restructuring should start with taxation reform. You will be surprised how much national restructuring comes from this when "regions" and "states" start getting stronger and more powerful out of self generated revenue improvments driving infrastructure and growth

[/color]To Diversify the Economy is One of Major Solution to Increasing Population like Ours in Nigeria.

God Bless Buhari led-FG.

GOD BLESS NIGERIA

MAY NIGERIAN SUCCEED .[color=#770077]To Diversify the Economy is One of Major Solution to Increasing Population like Ours in Nigeria.

God Bless Buhari led-FG.

GOD BLESS NIGERIA

MAY NIGERIAN SUCCEED .To Diversify the Economy is One of Major Solution to Increasing Population like Ours in Nigeria.

God Bless Buhari led-FG.

GOD BLESS NIGERIA

MAY NIGERIAN SUCCEED .

For jokes text FG to 419

[s]

post=83294531:
Anything that will move our nation forward is what we are after.

God bless Nigeria

[/s]

[s]

post=83294528:





Are you okay?!

[/s]

We just take one eye dey watch una no matter what happens.. We will. Surely survive in dx country.

At dx juncture, my people.. If you need Pure Original HOney..
Whatsapp or call 0 8 1 01 6667 71

Oboy laugh wan kill me 4 here so
....say na
Are you okay?....

This government really trying but states government not accountable.

Nigeria's problem is beyond redemption. The tax drive is not for any tangible development but to meet up with the affluent lives of our government officials. There is no longer sufficient fund to foot their bills and instead of trimming it down they are squeezing the masses with excruciating taxes.
Reduce the cost of governance and you will see the difference as it is in the next happening place Rwandan.
Nigeria's case is like someone aiming to fill a bottomless pit.

Jimi24:
Buhari is the BEST President Nigeria has had since Yakubu Gowon/Awolowo. If you dont think so maybe you are so much a product of the Nigerian system that you not using your full faculties to see the need for economic restructuring .

Economic restructuring should start with taxation reform. You will be surprised how much national restructuring comes from this when "regions" and "states" start getting stronger and more powerful out of self generated revenue improvments driving infrastructure and growth

Am sure u can tell us how buhari is Nigerias best president since Gowon with facts and figures. U can also let us no how and y u feel buhari isn't better than Gowon and his predecessors

chrisxxx:
Nigeria's problem is beyond redemption. The tax drive is not for any tangible development but to meet up with the affluent lives of our government officials. There is no longer sufficient fund to foot their bills and instead of trimming it down they are squeezing the masses with excruciating taxes.
Reduce the cost of governance and you will see the difference as it is in the next happening place Rwandan.
Nigeria's case is like someone aiming to fill a bottomless pit.

Bless u bro 4 ur informed insight on d issue

BuhariAdvocate:
This government really trying but states government not accountable.

How's this govt trying? Where they voted to come and try? How are d states less accountable than d FG?

Tax revenues need to go up. It must however be in a pro business way. One of the easiest ways revenue can increase is for the CBN official and investment window exchange rates to be merged.

This alone should bring in an extra 500bn at least in a year in revenue.


。

God bless buhari


Best President ever!

Jimi24:
Buhari is the BEST President Nigeria has had since Yakubu Gowon/Awolowo. If you dont think so maybe you are so much a product of the Nigerian system that you not using your full faculties to see the need for economic restructuring .

Economic restructuring should start with taxation reform. You will be surprised how much national restructuring comes from this when "regions" and "states" start getting stronger and more powerful out of self generated revenue improvments driving infrastructure and growth

Anybody that can type the above clearly lacks a sound basic education! Buhari? Buhari?? Buhari That has borrowed more in the last 3 years than the previous 30 years combined yet the economy is totally comatose and basic infrastructure like roads are in horrible conditions!

chrisxxx:
Nigeria's problem is beyond redemption. The tax drive is not for any tangible development but to meet up with the affluent lives of our government officials. There is no longer sufficient fund to foot their bills and instead of trimming it down they are squeezing the masses with excruciating taxes.
Reduce the cost of governance and you will see the difference as it is in the next happening place Rwandan.
Nigeria's case is like someone aiming to fill a bottomless pit.

90% of lazy yoot that blab online have no clue what governance is about.

Lol based on a budget we can't fund upto 50% ...no wonder they presented a budget lg 10 trillion

Last month federal government made 293bn for a month ...we need 833bn per month to meet 10 trillion

With 660bn we male every month ? Please let APC stop lying we are all not dumb ...
Nigeria as a country makes less than 25bn dollars per year ...our GDP is over 390bn dollars

25/390 *100 is now 8? Madam
Tell us out total revenue ,we know our GDP

Make this woman stop to lie na

grandstar:
Tax revenues need to go up. It must however be in a pro business way. One of the easiest ways revenue can increase is for the CBN official and investment window exchange rates to be merged.

This alone should bring in an extra 500bn at least in a year in revenue.


。

So I guess the one positive thing about this buharis regime is that he improved tax collection.