Nigeria sets 18-pct tax-to-GDP target amid low revenues

By Xinhua

ABUJA, Aug. 9 (Xinhua) — Nigeria has set its tax-to-GDP ratio at 18 percent within the next three years in an ambitious move to shore up low revenue in the most populous African country, said President Bola Tinubu on Tuesday. Speaking at the inauguration of a presidential committee on fiscal policy and tax reforms in Abuja, Tinubu said the move is aimed at improving Nigeria’s revenue profile and business environment. “Our aim is to transform the tax system to support sustainable development,” the president said, noting without revenue, the government will not be able to provide adequate social services to the citizens. The fiscal policy and tax strengthening team, he said, is expected to deliver a schedule of quick reforms that can be implemented within 30 days, followed by critical reform measures to be recommended within six months while full implementation would take place within one calendar year. He also directed all government ministries and departments to cooperate fully with the committee toward achieving their mandate. Enditem