Nigerian economy on upward swing

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Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says Nigeria’s economy is on “upward swing’’.

Ahmed said this at a symposium organised by the Chartered Institute of Taxation of Nigeria (CITN), Abuja chapter in Abuja.

The minister, represented by Mr Stephen Medaiyedu, the Deputy Director in charge of Tax and Policy in the ministr, said the economy was not doing badly but all major stakeholders should support the government for the country to emerge stronger.

She explained that as part of government’s efforts to increase non-oil revenue, the present administration had set an aggressive target for increasing tax collection.

According to Ahmed, the tax rate being paid by those that are compliant is lower than expected.

“A robust tax system is a pre- requisite for any economy that is desirous genuinely committed to growth and development.

“Tax collection must grow in line with growth in the economy but this has not been the case in Nigeria.

“This situation was witnessed because of lack of transparency and accountability in the management of our collective wealth in the past,’’ she explained.

Ahmed reiterated the present government’s commitment toward ensuring judicious use of funds through the strict enforcement of the Treasury Single Account policy and zero tolerance for corruption.

She said the achievement of the government’s objective of expanding the tax base for improved revenue collection would be enhanced with the cooperation and support of CITN and other stakeholders.