Business

FG to get tough on tax malpractice

Published

7 years ago

June 19, 2017

Olu Emmanuel

Spread The News

By Chioma Obinagwam

The Federal Government has said that it would get tough on those who indulge in tax malpractice.

The Minister of Finance, Kemi Adeosun made this warning at the Nigerian Stock Exchange (NSE)/Bloomerg CEOs roundtable conference held in Lagos at the weekend.

“In Nigeria, our tax to GDP ratio is 6 per cent, it is one of the lowest in the world. We will begin to enforce tax payment and in doing so, we have to step on some big toes,” she emphasized.

She further said only 214 Nigerians pay tax of 118 million and disclosed that they are all in Lagos State.

ALSO SEE: Investors scramble for bank stocks as equities appreciate

The Minister noted that Nigeria’s infrastructure deficit is so dip and noted that the FG is making efforts to address it.

“We must borrow to fund our infrastructure and to do that we must increase our debt,” she added.

Adeosun, however, called on Nigerians to bear the imbalance between the country’s debt revenue and debt financing in the short term.