By Peter Egwuatu
The Securities and Exchange Commission, SEC, has indicated that the federal government is restless over failure of its revenue targets against pressing critical infrastructure funding gaps.
Making this known in a statement made available to Vanguard, Acting Director General of SEC, Ms. Mary Uduk, emphasized the need for collaboration among relevant agencies of the government to assist the government in its revenue generation adding that Project Light House initiative of the ministry of finance is a positive step in that direction.
“It is clear that data and information will certainly aid the generation of more revenue and in the long run all agencies will be better for it as there will be more resources for government to carry out development
“Data gathering and sharing is the way to go especially in this digital age, as when there is available data, information can be shared and that will increase compliance level as well as improve revenue generation” she noted.
In her address, Minister of Finance, Mrs. Zainab Ahmed was quoted as saying that one of the key economic policy objectives of the current administration, as contained in the Economic Recovery and Growth Plan, ERGP, is improving overall Federal Government revenues by targeting and increasing revenues from non-oil revenue sources.
She also stated that government aims, among other goals, to increase the tax base by drastically increasing the Company Income Tax and Value Added Tax compliance, bringing additional tax payers into the tax net, and increase Tax to GDP ratio from the current 6 percent to 15 per cent by the year 2020.
Ahmed said that in the last few months, major steps have been taken to address the Nation’s chronic revenue challenges among which is Strategic Revenue Growth Initiatives, SRGI, formulating policies and fiscal matters, preparing annual estimates of revenue and expenditure for the Federal Government among others.