Nigeria to mobilize more revenues with 19m tax payers

Nigeria to mobilize more revenues with 19m tax payers

FINANCIAL WATCH: Nigeria to mobilize more revenues with 19m tax payers – With 19 million tax payers captured into the tax net, the Minister of Finance, Mrs. Kemi Adeosun, has disclosed that the Federal Government would mobilize more revenues to drive its growth plan for the economy.

The Minister made this known on Thursday in Abuja at a meeting with a World Bank Mission of 10 Executive Directors led by Mr. Patrizio Pagano.

She stated that the Government would accelerate Nigeria’s growth level and also improve the ‘Ease of Doing Business’ in the country.

According to her, “the Nigerian Government is working towards accelerating the country’s growth level. The growth will be underpinned by stimulating the ‘Ease of Doing Business’ in Nigeria and improving our capital expenditure which we have done in the last two years.

“Nigerians should trust the Government to deliver on its promises of improving the economy and providing sustainable infrastructure development. We are very optimistic but we will remain vigilant,” Adeosun said.

The Minister revealed that the country’s tax payers’ base had risen from 14 million in 2016 to 19 million in 2018, grossing additional five million tax payers into the system.

She noted that “by 2019, the growth will be stronger than the present level in 2018. We are optimistic of sustaining Nigeria’s economic growth. That is why we are driving the mobilisation of more revenues.

“We have been able to grow the tax payers’ base to 19 million in two years from the 65 million economically active people who are not tax complaint,” she added.

The Leader of the World Bank Mission to Nigeria, Patrizio Pagano, explained that the team was in the country to acquaint itself with the Government’s growth and power priorities.

“We have met with several Nigerian entrepreneurs and have seen how vibrant the private sector is. We want to understand how the power sector is evolving in Nigeria,” Pagano said.

The World Bank officials had earlier met with the organised private sector in Lagos and undertaken a tour of LAPO Microfinance project in Lagos.

The 10 World Bank’s Executive Directors, representing 96 countries, are expected to inspect the Azura Power Plant in Edo State in the course of their three-day visit to Nigeria.

The visit is expected to provide a first-hand impression of the challenges that both the Federal and State Governments face in implementing development projects as well as ensuring good governance overall.

It will further enhance the goal of the Bank for member-countries and the effectiveness of the Executive Directors in providing the necessary support.

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