President Tinubu vows to end Nigeria’s over-reliance on borrowing for public expenditure

President Bola Tinubu expressed a strong determination to break the harmful pattern of excessive reliance on borrowing for public expenditures and the resulting strain of debt servicing on the effective management of Nigeria’s limited government earnings.

Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, led by Mr. Taiwo Oyedele, the President instructed the committee to enhance the nation’s revenue generation and business environment. This comes as the Federal Government endeavors to attain an 18% Tax-to-GDP ratio within a span of three years.

According to a statement released by Ajuri Ngelale, spokesperson for President Tinubu, the President mandated the committee to fulfill its one-year assignment, which encompasses three primary aspects: fiscal governance, tax reforms, and the facilitation of economic growth. He further instructed all government ministries and departments to wholeheartedly collaborate with the committee in achieving their shared objectives.

Addressing the Committee members, President Tinubu underscored the significance of their task, emphasizing that his administration carries the weight of citizens’ expectations for improved living conditions and a better quality of life.

‘We cannot blame the people for expecting much from us. To whom much is given, much is expected. It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,” he declared.

“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years. Without revenue, government cannot provide adequate social services to the people it is entrusted to serve. The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” the President directed