The Federal Government of Nigeria aims to raise the revenue to Gross Domestic Product (GDP) ratio from 8% in 2023 to 25% by 2026, according to Wale Edun, the Minister of Finance and Coordinating Minister of Economy. The announcement was made at the unveiling of the Nigerian banking sector report by Afrinvest West Africa. Additionally, the government plans to boost the Tax to GDP Ratio from 10% in 2023 to 18% by 2026.
Key Points:
- Revenue to GDP Ratio Target:
- The Federal Government of Nigeria is targeting an increase in the revenue to GDP ratio from 8% in 2023 to 25% by 2026.
- Tax to GDP Ratio Target:
- In terms of the Tax to GDP Ratio, the government plans to raise it from 10% in 2023 to 18% by 2026.
- Government Representative:
- Wale Edun, the Minister of Finance and Coordinating Minister of Economy, made the announcement at the unveiling of the Nigerian banking sector report.
- Increased Revenue Focus:
- The targets reflect the government’s emphasis on increasing revenue generation as a percentage of the country’s economic output.
Conclusion:
Nigeria’s government aims to significantly enhance both the revenue to GDP ratio and the Tax to GDP ratio over the next few years. These targets indicate a strategic focus on increasing financial resources for the government, potentially through various fiscal measures and reforms. Achieving these goals could contribute to the overall economic stability and development of the country.
