Tinubu moves to end overreliance on borrowing for public expenditure

Tamarauemi Ebimini

President Bola Tinubu on Tuesday expressed his administration’s commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.

Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, the President charged the committee to improve the country’s revenue profile and business environment as the Federal Government moves to achieve 18% Tax-to-GDP ratio within three years.

The President, in the presidential Villa, directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.

He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.

President Tinubu, while stressing the significance of their assignment, informs the Committee that his administration carries the burden of expectations from citizens who want their government to make their lives better.

Acknowledging the country’s current international standing in the area of tax, the President said the nation is still facing challenges in other sectors such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.

Recounting the President’s sterling track record on revenue transformation, the Special Adviser to the President on Revenue, Zacchaeus Adedeji described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.

Mr. President, you have the pedigree when it comes to revenue transformation. You demonstrated this when you were the Governor of Lagos State over 20 years ago,” the Special Adviser said.

Chairman of the Committee, Taiwo Oyedele, pledged the commitment of members to give their best in the interest of the nation.