The Director-General of the Budget Office of the Federation, Ben Akabueze, has said over 30 million Nigerians have refused to pay tax.
Akabueze disclosed this at an interactive session with media executives, civil society, non-governmental organizations as well as other stakeholders on the 2022 budget, over the weekend. While discussing how Nigeria needs to generate more revenue to fund its budget, Akabueze opined that the country spends very little and not too much on budget as many believe.
In his words;
”Government’s target over the medium term is to grow our revenue-to-GDP ration from about 8-9 percent where it is currently to 15 percent by 2025. At that level of revenues, the debt service-to-revenue ration will then cease to be a critical concern. We must, however, continue to rationalise as we cannot afford waste.
In reality, our largest expenditure items are currently personnel cost, debt service and capital expenditure which between them account for 85 percent of the 2022 budget. There’s very little scope for cut in any of these over the medium term.
The most viable solution to our fiscal challenge, therefore, remains to grow our revenues and plug all leakages.
According to the Joint Tax Board, only N41 million Nigerians are in the tax pool. So, that’s over 30 million Nigerians not paying their fair share (of tax). These are anonymous people, within the system, making tonnes of money. So, how do we get these people to pay their fair share?
Governments in Nigeria are not spending too much. They are actually spending too little. Fifteen percent is the public expenditure ratio to the GDP. Cutting public expenditure is not a viable option for us. The only viable solution is to fix our revenue generation.
We must all work together to fix our revenue problem. If we don’t, we will then get into real problem. We all have to galvanise around that objective. If you take Nigeria’s demographics, there’s about 70 million people in the active population and even if you adjust for unemployment rate. It’s about 70 percent.
The budget is an estimate, at this point in time; of revenues and expenditure for next year. It’s only funded at the point when you need it,” he said in response to whether funds not spent, as budgetted in the Service Wide Vote would be returned to the treasury.”
Nigerian Lady who was wrongfully charged and sentenced to 20 years in Ivorian prison dies after contracting an infection:
Babalola Itunu, the Nigerian lady who was wrongfully charged and incarcerated for a crime she didn’t commit in Cote D’Ivoire has reportedly died after contracting an infection.
Earlier this year, LIB reported that 21-year-old Itunu Babalola, from Oyo state, was rotting in a notorious Ivorian prison for refusing to accept police settlement of N100,000 for the crime of burglary committed in her house.
In a statement issued by Nigerians in Diaspora Commission (NIDCOM) at the time, it was noted that a former prosecutor in Cote D’Ivoire in collaboration with the police twisted the case against Babalola and accused her wrongly of …
Vice President of Dangote Group and brother of Africa’s richest man, Sani Dangote is dead:
Sani Dangote, Vice President of Dangote Group and brother of Africa’s richest man, Aliko Dangote is dead.
Sani Dangote who was also the Deputy Chairman of the African Gum Arabic Producers Association and a two-time President of Lagos Polo Club, died on Sunday November 14 at a US hospital where he was being treated for cancer.
The deceased was a member of several Chambers of Commerce, a Fellow of the Chartered Institute of Shipping of Nigeria and President of the Fertiliser Producers and Suppliers Association (FERSAN).
He also owned Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk Pack Services Limited, Dansa Agro Allied Limited, and Dango…
I don’t know what happened to camera I recovered at Lekki tollgate – Fashola:
Minister for works and housing, Babatunde Fashola has said that he doesn’t know what happened to the camera he recovered at Lekki tollgate after the #EndSARS protests.
In an interview on Arise TV, the Minister stated that he should not be the one to answer questions on the camcorder as he handed it over to the Lagos state government.
“You should not be asking me. You have the tapes showing that I handed it over to the government of Lagos so you have all the recordings. I think your people were there. So don’t ask me what happened to the camera. I don’t know.”
ISWAP fighters are regrouping in Lake Chad axis – Ndume raises alarm:
Senator representing Borno South, Ali Ndume has raised an alarm of Islamic State West Africa Province (ISWAP) terrorists regrouping in the Lake Chad axis.
The Chairman of the Senate Committee on Army made the claim on Sunday November 14, while reacting to Saturday’s attacks on Askira in Borno by ISWAP fighters.
Ndume who commiserated with the Nigerian Army over the incident and hailed Brig-Gen. Zirkusu as a gallant soldier who took the fight to the terrorists, stated that the intensity of the attack on Askira is worrisome as troops had taken out key ISWAP commanders in Borno.
The lawmaker urged other security agencies to give the Nigerian Army the needed support. He als…
This is a disgusting distraction orchestrated by those seeking to weaken the ongoing massive onslaught against terrorism and banditry – FG replies US-based organization:
The federal government has replied a US-based non-profit organisation over claims of sponsoring terrorism.
According to the Minister of Information and Culture, Lai Mohammed, “the so-called Global Advocates for Terrorism Eradication is a pesky irritant that should be ignored, especially because it is as confused as it is irresponsible”.
Lai also claimed that it is “a disgusting distraction orchestrated by those seeking to weaken the ongoing massive onslaught against terrorism and banditry.”
He added that GATE’s reliance on a “words of a thoroughly discredited, fake-news-…