Regrettably, in our view, because of the low revenue of the country, the federal government has resorted to borrowings to fund the budget. Director-General of the Debt Management Office, DMO, Patience Oniha, had disclosed that the country’s public debt stock stood at N35.465 trillion as at June 30.
We also recall that the Nigeria Extractive Industries Transparency Initiative said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil thieves this year. The agency had in 2019 disclosed that Nigeria lost $41.9 billion to crude oil and refined products theft between 2009 and 2019.
Instead of putting more burden on the already stressed up informal sector, the government should find ways of blocking leakages and corruption. The tax authorities should also look for other creative ways of improving revenue other than the dilatory approach of increasing or adding more taxes.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Revisiting NUPENG, NNPC Deal on Road InfrastructureTransport It is true that the federal government, through the Nigerian National Petroleum Corporation was able to stave off an industrial crisis in the energy sector by entering into a deal with th…
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
PPP Will Deliver Effective Charging Infrastructure For Electric Vehicles - JelaniThe director-general, National Automotive Design and Development Council (NADDC), Jelani Aliyu, has said that charging stations for electric vehicles is They have started again o Mtchew.. This pple are here again ....run for ur life ...they manufacture lies
Source: LeadershipNGA - 🏆 4. / 77 Read more »
SAN Asks FG To Introduce Wealth Tax For The RichA prominent lawyer, Mr Ahmed Adeniyi Raji (SAN), has called on the federal government to introduce Wealth Tax Policy that will make the super-rich Socialism 101. Take an Economics lesson SAN.
Source: LeadershipNGA - 🏆 4. / 77 Read more »
CITN Steps-up Sensitisation Campaign for Tax PayersOmolabake Fasogbon. The Chartered Institute of Taxation of Nigeria, CITN has intensified efforts on tax enlightenment, noting that it was a major strategy to enhance tax compliance at all levels. W…
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Rivers not at war with FG over tax collection - Gov WikeGovernor Nyesom Ezenwo Wike of Rivers State has said that the state is not at war with Nigera or any of its components over the dispute on the authority The right man Nigeria needs now.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
How rotational presidency, VAT collection debates prelude 2023 politicking - Daily TrustThe involvement of governors, traditional rulers, senators, as well as various pressure groups from the North and South, have made the debate more intriguing.
Source: Daily Trust - 🏆 13. / 51 Read more »