Nigeria's Finance Minister, Mrs. Zainab Ahmed has tasked revenue generating agencies to re-double efforts to bring in more monies for the country to meet development plans, as well as debt financing commitments to creditors.
Ahmed said Nigeria’s N22tn total public debt appears high only because the country is currently facing a low revenue challenge, explaining the necessity for those charge with the responsibility of revenue generation to grow it in line with the country’s potentials.
Speaking at a familiarisation visit to the Nigeria Customs Service, she said Nigeria’s budgetary plans have been hampered over the years, due largely to poor revenue performance, leading to increased borrowings to fill the gaps.
Ahmed said the Service’s functions with regard to revenue generation were key to the success of Buhari Administration, pointing out that it was for that reason the Service was constantly pushed to improve revenue collections.
She explained that owing to poor revenue performance, the government had considered raising Value Added Tax, Excise Duty, aside including more items on the Excise Duty list, but decided to hold on, until the country’s economic condition improves.