Yusuf, in a detailed document presenting an economic agenda for the incoming administration said, one of the key considerations to stabilize Nigeria’s macroeconomic system is to undertake a wide-ranging reforms in oil and gas industry, the regulatory environment, and pursue fiscal consolidation.
“The Nigerian economy is in a stumbling and fragile state and in dire need of a new direction. The political transition offers a great opportunity to chart a new course,” Yusuf said in the document. Yusuf added that the new administration should establish quality economic governance for signalling and investors’ confidence.
On the fiscal space, he said, the president-elect should reform the nation’s tax regime to ensure efficiency in tax administration, reduce tax evasion and tax avoidance and eliminate multiple taxation. The new administration should also eliminate the fuel subsidy to save an estimated N7 trillion annually, he pointed out.
The government, according to him, should also unlock more income from revenue-generating agencies through enhanced efficiency of their operations.; initiate budget reforms to ensure fiscal discipline, curb budget padding, and curb duplication of projects and review the service wide votes to ensure transparency.