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Thursday, May 26, 2022

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Nigeria may cut back on debt, increases tax rates in 2022 budget ~Senate President

Nigeria may increase tax rates in 2022 and slash borrowing as the West African country move to shore up its revenue profile and reduce debt burden.

According to the president of the Senate, Ahmad Lawan, the federal government also plans to plug leagages while put a close watch on revenue generating ministries and agencies of government to ensure increase remittance.

Lawan, who spoke after a meeting with President Mohammadu Buhari said the executive is on the same page with the parliament on the need to increase the country revenue profile and cut back on borrowing in 2022.

“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 swiftly 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.

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“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.

“We believe that the budget 2022 will be the icing on the cake, so to speak, that is to say that we have to make sufficient provision for the security agencies and also sufficient provisions for our legacy projects.

“We hope and our desire now is in tandem with what the Presidency wants, that is to ensure that the legacy projects are completed by next year by the grace of God.

“These are the major projects, like the second Niger Bridge, the Abuja-Kaduna-Kano highway and so on. These projects will be completed next year and Mr. President is able to commission them for Nigerians to benefit.

“These are projects that we have to make significant or sufficient provisions in the 2022 budget, so that we’re able to complete them.

“They should be part of the legacies Mr. President owes to this country in the area of infrastructure,” the president of the Senate stated.

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