The Christian Aid UK Nigerian Programme has disclosed that less than 30% of taxable citizens in Nigeria contribute to tax revenue. This revelation was made during a media engagement event organized by the Civil Society Legislative Advocacy Centre in collaboration with Christian Aid UK Nigerian Programme, focusing on research findings on tax expenditures and debt management in Nigeria.
Victor Arokoyo, the Head of Programme at Christian Aid UK Nigerian Programme, emphasized that increasing government revenue could aid in reducing the country’s debt burden. Meanwhile, Auwal Musa, the Executive Director of CISLAC, highlighted significant revenue losses attributed to tax expenditures, which include incentives, exemptions, credits, and waivers.
Musa stressed the importance of enacting measures to promote fiscal transparency, accountability, and sustainability. While tax incentives can stimulate investment and economic activity, unchecked tax expenditures could strain public finances and hinder revenue generation.
Source: Punch