{"id":12460,"date":"2017-04-21T14:50:33","date_gmt":"2017-04-21T13:50:33","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12460"},"modified":"2017-04-21T14:50:33","modified_gmt":"2017-04-21T13:50:33","slug":"nigeria-has-unacceptably-low-level-of-non-oil-revenue-adeosun","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-has-unacceptably-low-level-of-non-oil-revenue-adeosun\/","title":{"rendered":"Nigeria has unacceptably low level of non-oil revenue \u2013 Adeosun"},"content":{"rendered":"

The Minister of Finance, Mrs Kemi Adeosun, has advised Nigerians to focus on non-oil revenue growth, tax compliance and budget transparency to drive economic development\u200e in the country.<\/p>\n

The minister gave the advice on Friday during a Finance Ministers\u2019 meeting convened by the G24 Group at the ongoing IMF\/World Bank Spring meetings in Washington DC.<\/p>\n

She discussed strategies to drive non-oil revenue growth and achieve inclusive growth in Nigeria.<\/p>\n

\u201cRevenue mobilisation is critical to the success of Nigeria\u2019s economic reform agenda.<\/p>\n

\u201cWe have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.<\/p>\n

\u201cWith a tax to GDP ratio of only six percent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth.<\/p>\n

\u201cOur data gathering programme, over the past year, has now given us the tools we need to be more aggressive at pursuing tax evaders both domestically and abroad,\u201d she said.<\/p>\n

Adeosun said that Nigeria\u2019s strategy to improve tax in 2017 was through an asset income declaration scheme to address low tax revenue collection and ensure improved compliance.<\/p>\n

She said that the strategy would lead to a broader tax base and more sustainable revenue for all tiers of government.<\/p>

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\u201cThis is fundamental to delivering on our reform plans,\u201d she said.<\/p>\n

Adeosun also highlighted the need for strong budget implementation and transparency to create trust and accountability in government:<\/p>\n

\u201cWhile we focus on raising revenue and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency.<\/p>\n

\u201cOur people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens.<\/p>\n

\u201cThis will be a core focus for us,\u201d she said.<\/p>\n

The minister, during her stay in the U.S, will also meet with the rating agencies Moody\u2019s and Fitch to update them on progress toward economic reform objectives.<\/p>\n

Adeosun and the CBN Governor, Mr Godwin Emefiele, will also meet with the World Bank Country team to discuss the status of ongoing projects in Nigeria and planned projects for 2018.<\/p>\n

(NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister of Finance, Mrs Kemi Adeosun, has advised Nigerians to focus on non-oil revenue growth, tax compliance and budget transparency to drive economic development\u200e in the country. The minister gave the advice on Friday during a Finance Ministers\u2019 meeting convened by the G24 Group at the ongoing IMF\/World Bank Spring meetings in Washington DC. …<\/p>\n","protected":false},"author":11,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[884],"coauthors":[2392,2393],"class_list":["post-12460","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-adeosun"],"yoast_head":"\nNigeria has unacceptably low level of non-oil revenue \u2013 Adeosun - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-has-unacceptably-low-level-of-non-oil-revenue-adeosun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria has unacceptably low level of non-oil revenue \u2013 Adeosun - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Minister of Finance, Mrs Kemi Adeosun, has advised Nigerians to focus on non-oil revenue growth, tax compliance and budget transparency to drive economic development\u200e in the country. 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