The Director-General, Debt Management Office, Ms Patience Oniha, has reiterated the importance of efficient tax administration in tackling revenue challenges in Nigeria.
Oniha, who spoke at the 2022 Capital Market Correspondents Association of Nigeria’s workshop in Lagos, said that revenue challenge remains one of the most critical policy issues of the Federal Government which is currently threatening nation’s debt sustainability
The theme of the workshop was “Nigeria’s public debt and the capital market.”
She said the country needs to operate an efficient tax administration that would ensure greater compliance to remittances devoid of all forms of evasions in the system..
It imperative to note that the current revenue problem is compounded by leakages such as an increase in oil theft and petrol subsidy, both of which has significantly reduced the revenue from oil sales that used to account for the bulk of government revenue.
According to Oniha, the outlook of both the local and international markets was becoming tighter with rising interest rate.
She, therefore, emphasized the need for the country to urgently moderate its new borrowings and ensure that public debt is sustained by accelerating its revenue base to shore up non-oil revenue and rationalising expenditure.
