The Minister of Finance, Budget and National Planning, Zainab Ahmed on Tuesday insisted that only the collection of more taxes and effective blocking of revenue leakages were realistic measures that would drastically cut borrowings and reduce the nation's high debt burden. Ahmed stated this at a workshop on tax expenditure organised by the ECOWAS Commission…
Ahmed stated this at a workshop on tax expenditure organised by the ECOWAS Commission under the Context of the Implementation of the Support Programme for Tax Transition in West Africa in Abuja. Recall that the government had in July revealed that the country’s debt service cost in the first quarter 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period indicating that Nigeria’s debt service cost presently outweighs its revenue.She said: “If we have more taxes and redirect the taxes to the right fiscal sectors of our economy, we will reduce our debt burden. It is not as if the debt is beyond what the goverment can handle.
Ahmed also disclosed that government would commence the rationalisation of tax exemptions by phasing out antiquated pioneers and other tax incentives for matured industries. “I am glad to say that the tax expenditure that federal government has been given has encouraged industries and manufacturers to stay afloat even with the COVID-19 pandemic and also to say that they have been able to keep their staff. That to us is an achievement because we don’t want people to loose their jobs which would reduce the insecurity we are facing.
Why no just go and remove our money from the bank, of cause nothing will happen if they do, they are the high and mighty.
Uselessness
VoiceOfNpowerB The 13billion naria map out for ex president and vices can go along way to reduce the depth, but u people keep looting the money and still asking the poor masses to pay for you recklessness
VoiceOfNpowerB So they never tax us enough U transfer money u pay, to someone u transfered to u pay again every week they cut money again for transfer, even network providers, mb and calls can't last We the poor masses are tire already
Why don’t you first recoup from the nefarious entries that keep dipping their hands into the national coffers? That’s where the bulk of the debt money is being lost.
Do those in government even pay tax? Does the minister pay tax?
empty head ☹️ Minister of Consumption
Agent of world Bank
Can you imagine.. what did you do with all d borrowed money.. so we ve enough debt and dey were busy buying cars for other countries...
Confused people
That is a very lazy way out of our problems. So she can't think of a solution but to tax Nigerians to pay money that was borrowed with nothing to show for it.?Shame
What are you going to tax? Useless people
Madam finance, I should think you'll recommend that your tribe (the political class) should first reduce its bogus salaries and allowances.
Wicked politician
Is this one a finance minister. A women who have no knowledge about fiscal policies in a developing country. 'No nation can achieve greatness through tax'. What we have is a minister of borrowing and external affairs
Just look at this lazy and disconnected world view. More taxes from where? Is it from the businesses who are feeling from the government's mismanagement or individuals who are just about getting by?
More taxes or more prudent spendings? She needs to see a psychiatrist asap
Wickedness
To reduce Nigerian debts more taxes is not the way out. Businesses need subsidies not taxes.
Banking system in Nigeria is now a big time fraud. They tax practically everything; receive money, send money, stamp duty, ussd charge, sms charge. Card maintenance fee. No bank is different from other but FirstBankngr is worse. Over 2k was depited for sms charge for a month.
Then who are the people to be taxed? The unemployed Nigerian, facing hardship for the past 7 and half years? Honorable minister please think well.
Because they're not facing what the citizens are facing.
Oloriburuku ni woman yi sha!!! Ooni jere. Ofo lomi efo nse. Omori igba kii ridi joko.
Is it not this same woman that used 33 million naira to train one person on know how to repair a phone chai na wa oooh can't for 2023
More taxes to reduce Nigeria's debt but you won't recommend reduction of the cost of running this epileptic government to reduce debt burden GOD save us from this caliphatic government
No one is fooled. Lies of good intentions. Fake, empty promises. No disguises. Nothing is hidden. This administration has proved itself by pathetic failure after pathetic failure. Irreversible. Or, name me a thing, 1, that can be called progress.
Nigerias including my self have to pay for the money You guys embezzled while other nations that has reasonable people in Government are cutting down taxis. What a set of people
Hmm
Always on the news for the wrong reasons....
I don't think this one is normal
This one no sabi anything, she like loan die. I wish Saraki no chase Kemi away, naija for dey in better financial health today...
I wonder how these folks even view tax. More taxes from who? Folks with jobs you've created or because of the business friendly structures you've put in place.
Let her cut her salary
She-theif
The one their collecting before, is of no impact, so you want to increase again to paid the debt you borrowed in this ongoing administration and have no impacts in the land, show of shame.
I wish this will apply only to those senseless APC supporters who has lost their minds either due to tribalism or peanuts they're getting
No work and you are increasing taxes...
Madam, block leakages by stopping illegal mining, oil theft and reduce cost of running government. We're no UK, we're Nigeria with more than 100 abundant minerals resources petroleum being just been 1.
Just point us gun ma...Up APC🤣🤣🤣
An easy way to know a finance minister who is not economically sound.
Nigeria is having record point unemployment rate in the country. 🙄 Finance Minister: more taxes is the solution. 🤣 🤣 🤣
Another Day, Another Fool...
Can't this APC government devise other creative and sustainable means of generating revenue for the country aside from wickedly taxing the battered and impoverished Nigerians? Under the Buhari administration there has been hikes in VAT, electricity tariffs and petroleum products.
This Woman wanted to see Nigerians corpse
Dizanin baba Buhari 🤣
What's your salary ma'am,can you reduce you salary so Nigeria could pay her debt burden
Abi Werey ni minster of finance ni
Ma, come and collect our houses and cars and collect our food too. Collect our clothes and collect everything, everything so that you can have more money to steal. One day, one day, you all will answer for your actions and be judged.
God punish you with your yeye tax
Thunder where are you?
We will still survive this administration last last.
Useless government!
Hmmmm
People are finding it hard to get by already, now you want to increase tax 🤦♂️ Cut cost of governance first. You are spending billions on stationery and refreshment in one calendar year just in Aso rock alone, not to talk of National assembly.
I have said it several times that this govt lack what it take to rescue the Nigeria economy. No policy in place to drive the economy,no intellectual,the worst of it is to tax people on the little money and infrastructure that suppose to make life meaningful. Big disappointment
Modernise your informal economy. It is 90% of your economy.
Emi lo kan go say make we swallow this one based on say APC na the best.
The rich don't pay their fair share of taxes, which they see as a burden. The middle class & the ordinary folks are ignorant of the virtues of taxation to lower their living costs. The govt would rather the majority don't pay taxes which could trigger a demand for accountability.
Reduce government spending first...
E go reach everybody. Company pays more tax, they increase the price of goods and service. We go all suffer am. This is the messiah Tinubu and co sold to Nigerians
Considering the population that pays tax, against the minority rich who evades the system. I think this a reversed, 'dooH niboR' kind of idea. Stealing from the poor to enrich the minority rich.
Very insensitive. You want to increase tax with the present hyperinflation in Nigeria. The naira has fallen abysmally to dollar.. the poverty in the land is astronomical and she still want to increase tax... is that your only solution?
These people really lack innovative ideas and shouldn’t be in public service. In a poor country like 9ja where 80% are living below poverty line it would be prudent for the govt to ease their burden by creating value chains and partnering with the private sector to drive economy
Hymn
God go purnish you
Werey na only una Dey enjoy naija oh. The debt una Dey owe E no reach the masses side. Masses wey no enjoy or benefit from am. Na hin go come Dey pay for wetin na only una enjoy
Because she's earning big?