Leveraging reforms for efficient tax administration, revenue generation

Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning. Photo/facebook/Finminnigeria

Taxes are a primary source of revenue to many countries and sub-national political entities, a reason some economic literature used the word and public revenue interchangeably. And it is a big deal for many advanced economies, which cannot survive without it. Clearly, Nigeria burrows with Middle East countries such as Oman, Qatar, Saudi Arabia, Kuwait and Libya, which historically, fund their public expenditures with oil windfalls. But a few of the traditional oil-producing countries are gradually reviewing an indifferent attitude to tax, as the future of the hydrocarbon market appears increasingly uncertain.

Public officials had long agreed that the public finance system, indeed, needs a rebooting. But over the years, the promised reforms that would bring about a new transparent and efficient revenue mobilisation process had been, at best, a step forward and two backwards. This had made it impossible to replicate what has come to be known in some circles as the Lagos miracle – an efficient and responsive revenue mobilsation system.

The ECOWAS consultant added that modes one and two of service delivery – services provided by companies registered and those who come in to render services – are well addressed by the Act. This, according to him, has addressed a major grey area in the existing law.

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