Nigeria seeks to double tax to GDP ratio to 12% in 2yrs

Date:

The Federal Government is committed to doubling Nigeria’s tax to Gross Domestic Product (GDP) ratio from its current six per cent to 12 per cent by year 2020.

Thank you for reading this post, don't forget to subscribe!

Adeosun The Minister of Finance, Mrs Kemi Adeosun, said in an interview with Naija247news and other news outlets in New York that Nigeria was among the lowest tax-paying country in the world.

The minister had earlier participated on a panel that discussed ‘Revenue Leakages: Illicit Financial Flows’ at the Platform for Collaboration on Tax Conference at the UN Headquarters, New York. Adeosun said: “We’ve made it the focus to improve our tax to GDP ratio from six per cent where it currently is to move it up into a spare for other African countries.

“Ghana has 15 per cent, South Africa has 24 per cent. Most developed countries have 30 per cent.

So Nigeria’s six per cent is very low. “So we need to correct that and we’ve driven a number of initiatives to do this. We shared that with the panel. “We shared some of our challenges with the panel and we got some very good advice and support which would be taken back to Nigeria to implement”.

She said, however, that there was still a long way to go adding, “we are not satisfied yet until that figure is significantly moved from where we are in today”.

“As I said, we’ve set ourselves a target, we want to pursue that aggressively and all the revenue generating agencies especially FIRS – Federal Inland Revenue Service.

“States Internal Revenue Service are being equipped to really take on that task and we expect that to yield result,” she said.

The minister had also held a private meeting with the Head of Organisation for Economic Cooperation and Development Global Forum on Exchange of Information, Ms Monica Bhatia.

The meeting focused on Nigeria’s efforts for developing international networks and collaboration with other countries to secure tax payer information

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

“This entertainment industry is so dark cos people in it are so vile – Actress Uche Ogbodo

March 19, 2024. Azonuchechi Chukwu. Actress Uche Ogbodo has said the...

SSANU begins 7-day warning strike

March 19, 2024. Azonuchechi Chukwu. The Senior Staff Association of Nigerian...

Gunmen kill church general overseer and pastor in Akwa Ibom

March 19, 2024. Azonuchechi Chukwu. Gunmen have killed the founder of...

Police Arrest 16-year-old boy for defiling schoolmate in Port Harcourt

March 19, 2024. Azonuchechi Chukwu. The Rivers State Police Command has...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading