{"id":93841,"date":"2023-08-08T21:46:09","date_gmt":"2023-08-08T20:46:09","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure"},"modified":"2023-08-09T00:17:06","modified_gmt":"2023-08-08T23:17:06","slug":"tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure","title":{"rendered":"Tinubu vows to end Nigeria\u2019s dependence on borrowing for public expenditure"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>President Bola Tinubu has expressed his unwavering commitment to breaking the vicious cycle of overreliance on borrowing for public spending and the resulting burden of debt servicing it places on the management of Nigeria\u2019s limited revenues.<\/p>\n

Tinubu disclosed this in a statement by his spokesperson, Ajuri Ngelale, on Tuesday after inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr Taiwo Oyedele.<\/p>\n

He charged the Committee to improve the country\u2019s revenue profile and business environment as the Federal Government moves to achieve an 18% Tax-to-GDP ratio within three years.<\/p>\n

The President directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.<\/p>\n

He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.<\/p>\n

President Tinubu told the Committee members the significance of their assignment, as his administration carries the burden of expectations from citizens who want their government to make their lives better.<\/p>\n

\u201cWe cannot blame the people for expecting much from us. To whom much is given, much is expected.<\/p>\n

\u201cIt is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people,\u201d he declared.<\/p>\n

Acknowledging Nigeria\u2019s current international standing in the tax sector, the President said the nation still faces challenges such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa\u2019s Continental average.<\/p>\n

\u201cWe aim to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.<\/p>\n

\u201cWithout revenue, the government cannot provide adequate social services to the people it is entrusted to serve.<\/p>\n

\u201cThe Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will occur within one calendar year,\u201d the President directed.<\/p>\n

According to the Debt Management Office, Nigeria\u2019s total debt stock is N49. 85 trillion in January 2023, excluding the securitized N22.7 trillion Ways and Means Loan.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. President Bola Tinubu has expressed his unwavering commitment to breaking the vicious cycle of overreliance on borrowing for public spending and the resulting burden of debt servicing it places on the management of Nigeria\u2019s limited revenues. Tinubu disclosed this in a statement by his spokesperson, Ajuri Ngelale, on Tuesday after inaugurating the […]<\/p>\n","protected":false},"author":84,"featured_media":93840,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1570,2140,254,945],"class_list":["post-93841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria","tag-tinubu"],"yoast_head":"\nTinubu vows to end Nigeria\u2019s dependence on borrowing for public expenditure - Nigeria<\/title>\n<meta name=\"description\" content=\"President Bola Tinubu has expressed his unwavering commitment to breaking the vicious cycle of overreliance on borrowing ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu vows to end Nigeria\u2019s dependence on borrowing for public expenditure\" \/>\n<meta property=\"og:description\" content=\"President Bola Tinubu has expressed his unwavering commitment to breaking the vicious cycle of overreliance on borrowing ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-08T20:46:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-08T23:17:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/08\/sm_1691520247.407699.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tinubu vows to end Nigeria\u2019s dependence on borrowing for public expenditure\",\"datePublished\":\"2023-08-08T20:46:09+00:00\",\"dateModified\":\"2023-08-08T23:17:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\"},\"wordCount\":398,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/08\/sm_1691520247.407699.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\",\"Tinubu\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tinubu-vows-to-end-nigerias-dependence-on-borrowing-for-public-expenditure\",\"name\":\"Tinubu vows to end Nigeria\u2019s dependence on borrowing for public expenditure - 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