Finance minister calls for intensified efforts to boost revenue

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Nigeria’s minister of finance, Zainab Ahmed, has called for intensified efforts to boost revenue generation in line with President Muhammadu Buhari’s emphasis at his 2019 budget speech.

Speaking at the quarterly world press conference held in Abuja, the minister discussing the trends and achievements of the economy over the last quarter, underscored the vital role of domestic revenue mobilisation for continued economic success and inclusive growth in Nigeria.

Pointing to the directive of the President for the acceleration of all revenue initiatives, Ahmed said, “The time to act is now – if we do not address the long standing issue of ‘unsatisfactory revenue performance’ in our country, particularly in the non-oil sector, we will never realize our shared goal of ensuring appropriate financing for critical sectors such as health, education, infrastructure, and ultimately to co-creating a Nigeria leaving no one behind.”

As minister of finance, Ahmed has taken on the President’s important call to action by prioritising revenue generation and formally launching in January 2019 the Strategic Revenue Growth Initiatives (SRGI), a suite of comprehensive cross-cutting interventions aimed at boosting revenue performance.

Since the launch of the initiative, revenue performance, in her opinion, continues to show improvements, with revenues amounting to N3.96trillion as at the end of fourth-quarter (Q4) 2018, this represents a 31percent increase over the performance in 2017. However, this performance of 3.96 trillion still falls short of this Administration’s budgeted target as the aggregate revenue performance is still only 55percent of the projected revenue of N7.16 trillion.

Consequently, the Ministry of Finance would continue to prioritize revenue generation, and the implementation of the Strategic Revenue Growth Initiatives (SRGI).

Whereas there has been progress since the launch of the initiatives, the global economy, as anticipated, has slowed down in 2019 with a revised … Read More...