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 per cent, while total debt percentage of the GDP was placed at 18 per cent as at 2019.
“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.”
He, however, stressed the need to be proactive by applying the recommended principles and not wait for the shock, as this will enable the government to “start developing our tax extraction capacity immediately.”
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