THE Minister of State for Budget and National Planning, Clem Agba, says the Federal Government has begun fresh moves to mobilise more revenue in order to fund the nation’s expenditure.
He disclosed this during his keynote address at the Federal Inland Revenue Service 2022 Management Retreat which was held in Lagos.
According to him, the task of improving the nation’s tax revenues is important if the nation must meet its expenditure target.
He said, “As you may all be aware, the revenue profile of the government has been seriously challenged in the recent past due to multiple factors.
“Given that resources are relatively low compared to the huge responsibilities of the government, concerted efforts are required at this juncture to prioritise government expenditure as well as place emphasis on resource mobilisation. In this context, the task of improving Nigeria’s tax revenue collection and funding position is urgent and it is a task that must be done without fail.”
According to the minister, a shift in the global economy has led to a new approach to revenue mobilisation as nations shift from their dependence on resource wealth.
He added that to address this, the Federal Government was focusing on a Strategic Revenue Growth Initiative and the annual Finance Act to mobilise domestic funds necessary for human capital and infrastructure development to drive sustainable economic growth and development.
