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Buhari pledges tax reforms to boost revenue generation

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In order to drive the revenue generation to boost the country’s coffers, President Muhammadu Buhari has highligthed strategies being enacted by his administration towards the mandate.

Buhari made this call on Thursday during his presentation of the 2022 budget before a joint session of the National Assembly on Thursday in Abuja.

According to the President, the strategies “to improve revenue mobilisation will be sustained in 2022 with the goal of achieving the following objectives:

a. Enhance tax and excise revenues through policy reforms and tax administration measures;

b. Review the policy effectiveness of tax waivers and concessions;

c. Boost customs revenue through the e-Customs and Single Window initiatives; and

READ ALSO: President Buhari wants FIRS to tax digital transactions, as Nigeria’s debt gulps 97% of revenue

d. Safeguard revenues from the oil and gas sector.”

President Muhammadu Buhari also explained the entrenchment of a National Development Plan necessary to boost the economy.

The aims of the NDP, according to him, are:

a. Diversifying the economy, with robust MSME growth;

b. Investing in critical infrastructure;

c. Strengthening security and ensuring good governance;

d. Enabling a vibrant, educated, and healthy populace;

e. Reducing poverty; and

f. Minimizing regional, economic and social disparities.”

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