FG mulls tax raise in 2022 to reduce borrowing

The Federal Government is considering raising taxes as part of measures to improve internal revenue and cut borrowings.

Also, leakages are to be blocked and revenue-generating agencies are to be thoroughly supervised.

Senate President Ahmad Lawan, who made these known on Monday said the Executive is on the same page with the lawmakers on the way forward for the country in revenue generation and borrowing in 2022.

Lawan, who spoke to reporters at Aso Villa after a meeting with President Muhammadu Buhari, said: “We had discussions on some other governance issues that have to do with making revenues in the country, especially for government at the federal and the state levels, and even local government. There are so many agencies of government that are not remitting their internally generated revenues and this is something that we have to address as stiffly as possible and as quickly as possible because we need to find a way of reducing the borrowings that we do.

“So, if there are areas that we can now get revenues that will help us reduce the amount of borrowing, then so be it and this is something that we all agree with Mr. President that we should continue to look at those areas that we need to improve on revenue generation and collection.

“Thank God, we are on the same page with Mr. President on all these issues,” he said.

Lawan said the National Assembly had started discussing the 2022 Budget with President Buhari to set priorities. He said the priority would be placed on funding security and ongoing legacy projects.

Loading

LEAVE A REPLY

Please enter your comment!
Please enter your name here