‘Nigeria nearing its borrowing limit’- Gov. El-rufai raises alarm

 

Governor Nasir El-Rufai of Kaduna State has revealed that the country is about reaching its maximum capacity to borrow, hence the need to improve on other channels of revenue generation in the country.

He made these remarks during his keynotes address at the 22nd Annual Tax Conference, themed “Taxation and Competitiveness: Imperatives for National Development” on Thursday in Lagos.

Governor El-Rufai, warning on Nigeria’s debt ratio, added that “the 2017 report from the Debt Management Office says that Nigeria recorded a tax remitting ratio of six percent, while total debt percentage of the GDP was placed at 18 percent as at 2019.

READ ALSO:  'Nigeria must be restructured'- Gov. El-rufai reiterates

“This indicates that Nigeria is almost reaching its maximum capacity to borrow.”

He gave four key points as guiding principles for achieving development with taxation, even as he warned that the country was approaching the limit of its capacity to borrow.

He said the first principles is “Forming and running an efficient developmental government with strong policies, institutions and executive capacity.

“Second, performance-based budgeting will enhance the efficiency and effectiveness of the utilisation of government revenues.

“Third, privatising expenditure to intervene in sectors that accelerate national economic growth performance.

“Finally, building autonomous institutions that reduces uncertainties in the taxation process, influences socially responsible choices and compel rational actions.These principles drive an effective tax system to good governance.”

READ ALSO:  Suspected political Thugs Stab Man to death following misunderstanding in Niger State. (Photos)
For advert placements, sponsorship, media (Music/Video) promotions, or to share breaking News stories with us, contact; +2348166333024 or +2347062811394Contact 08166333024 for ad placement, news update and others
Share this:
About Wizard X 201 Articles
I'm Nelius Nwachi (Wizard X), Proudly September 16th Born and Hails from Afikpo North L.G.A, Ebonyi state. Always visit our website daily for fresh updates 👍