The steps also include a cost-to-income ratio cap for government-owned enterprises with a view to improving remittances to FGN’s coffers. She hinted efforts are ongoing to fix Nigeria’s revenue challenge, saying cutting expenditure is not currently a viable option, as Nigeria’s Public Expenditure/GDP ratio is also the lowest among Africa’s leading economies. At that level of revenues, the Debt- Service-to-Revenue ratio will cease to be a critical concern. She listed measures that would be taken to boost revenue to include improving the tax administration framework including tax filing and payment compliance improvements. An economist, Tope Fasua, urged the Federal Government to go after the rich who do not pay the correct tax.

Source: The Guardian January 06, 2022 04:50 UTC