Nigeria unveils five planned fiscal reforms — Premium Times Nigeria
The Nigerian government plans to introduce five major reforms in the fiscal sphere to improve the business environment, stimulate economic growth and attract investment. Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on October 14 at the Nigerian Investment Forum in Bangkok, Thailand, Premium Times Nigeria reports.
The forum took place on the sidelines of the annual meetings of the World Bank and the International Monetary Fund. It was attended by corporate investors, bankers, government officials and other participants. The event was organized to present Nigeria’s investment opportunities and hold strategic discussions with investors.
Five areas
The minister listed agriculture and food security, electricity, regulation, curbing inflation and data management among the priority areas. He linked food to inflationary pressure and said that the government intends to identify specific sources of this pressure and reduce inflation to a single-digit level.
More current news is available on the UA.News Telegram channel Telegram.
Oyedele also named energy supply as one of the key problems for the country’s economy. According to him, the government is considering strategies concerning tariffs that reflect market value, the operation of the electricity transmission system and improving its efficiency.
Regulation and data
The minister said that excessive regulation, unclear rules and other administrative barriers for businesses, according to the government’s assessment, cost the country more than the combined revenues from corporate income tax, personal income tax and value-added tax. According to him, the authorities have already begun developing an economic policy framework.
Separately, the government intends to unify and make fiscal data accessible, including the tax-revenue-to-GDP ratio. Oyedele said that different institutions currently cite different figures. The authorities plan to publish updated data on the website of Nigeria’s Ministry of Finance.
