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Decries Low Revenue Generated by Government
- Safiu Kehinde
The Minister of State for Finance-designate, Taiwo Oyedele, has acknowledged the socio-economic challenges facing Nigeria as he decried the low revenue generation by the government despite the size of the country.
Oyedele made this known while addressing the Senate during his ministerial appointment screening.
NPO earlier Reported the arrival of the Presidential Committee on Fiscal Policy and Tax Reforms chairman at the red chamber on Wednesday.
While expressing his gratitude to President Bola Tinubu over his appointment, Oyedele expressed confidence in his wealth of experience on economic and fiscal matters.
He maintained that Nigeria has remarkable opportunities despite its challenges.
“My professional journey across the private sector, academia and public policy has provided me with extensive experience in fiscal and economic matters.
“However, this moment is not about my personal accomplishment. It is a call to serve our country at a critical time when Nigeria faces significant physical challenges but also remarkable opportunities.
“The choices we make in public finance today, will shape the prosperity, stability, and well-being of Nigeria both now and in the nearest future.” Oyedele said.
The ministerial appointee thereafter decried the nation’s fiscal reality in regard to revenue generation he claimed to be very low as compared to the size of Nigeria’s economy.
“Our fiscal reality is well known. Government revenue remains low relative to the size of our economy while demands from government continues to rise from infrastructure to healthcare, to education, security, and social protection.” He said.
Oyedele maintained that Nigeria’s fiscal policy is not equally in alignment with the country’s industrialisation drive.
More details later…