Nigeria adopting best practices on debt management ― Buhari s Aide
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CITN Charts Path for Economic Recovery Post COVID-19
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Ndubuisi Francis in Abuja
The federal government yesterday declared that it remains focused on promoting and sustaining an efficient tax administration, through the deployment of modern technology-driven processes and systems to boost collection from tax revenue.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed stated this in a goodwill message at the 23rd annual Chartered Institute of Taxation of Nigeria (CITN) conference in Abuja, themed ‘Taxation for Economic Recovery: A Necessity For Social Engagement And Economic Sustainability.’
A statement by her Special Adviser, Media and Communications, Yunusa Tanko Abdullahi said she tasked the tax professionals to continue to work with other relevant stakeholders in ensuring effective and optimal participation in the global efforts spearheaded by the Organisation for Economic Co-operation and Development (OECD) to transform the digital economy into a major revenue Source for governments.
He said the country must begin to move away from oil as it is neither the answer nor the question that would solve the country’s problem.
“The solution to our problem is better and more efficient taxation of goods and services in our economy.
The Governor said the tax net has captured only a minority of Nigeria, but there is a great opportunity to bring all data together including the National Driver’s License, Bank Verification Number (BVN) and National Identity Management System (NIMS) to get a database of adult Nigerians to achieve adequate taxation.
He said that in the last one year, COVID-19 had affected economic growth, tax collection and the prosperity of Nigerians, due to rapid deterioration of oil revenue’s contribution to the Federation Account.