Revenue Generation Trajectory

Revenue Generation Trajectory by Dr Kenny Odugbemi

There is a renewed commitment by the present administration to double our revenue base without increasing tax paid across the board, reduce debt to to-deficit base ratio to less than 4%

Focus on Fy2024 budget

This budget of renewed hope provided for more increases in capital expenditures than Fy2023

There also exists renewed energy based on long-term 2050 agenda-driven perspectives drawn by the following
Private sector
Public sector
Subnational
Federal Civil Society organization
Other external stakeholders

Strategic intent

Higher rates of achievable economic growth

Sourcing for $100b direct investment annually with less than 20% Public sector contribution

Consolidating institutional realignment where planned budget-based approaches are well tailored to support macroeconomic stability

Reinforcement, maintenance and sustenance of strong financial policies whilst maintaining discipline and control through real-time effective monitoring and prompt escalation of any fraudulent action to be backed by immediate consequence action

Factors Affecting Revenue Administration

Financial recklessness of Executives, Legislatures, Judiciary, State Government(s) and Local Government

Fraudulent activities of Heads of MDAs and tax collectors through bogus and spurious budget appropriation,

Lack of understanding of how taxpayers pay the correct tax rate

High inflation and poor tax administration

Sources of Revenue

Direct and indirect taxes across boards for all stakeholders inclusive

Revenue from MDA’s

Conclusion

We can significantly increase our revenue through bolder tax policy measures ensuring realignment with other ECOWAS Countries

Enhancing compliance-driven tax administration with a focus on modernizing our existing tax system leverage in technology tools such as
AI
IoT
Sequencing
Blockchain
Convergence

We can achieve double revenue and gravitate towards a $1trn economy within a decade this is guaranteed subject to good political will where patriotic professionals and technocrats have their say, and the Head of government have their way all working with synergy, focussing on the same Vision, Mission, goals and core objectives

Nigeria would be great again