Kemi Adeosun, Nigeria's finance minister recently spoke at the NSE-Bloomberg event in Lagos on Friday, June 16, which involved several CEOs.
Below are some takeaways from her speech:
1. Nigeria has one of the lowest tax-to-GDP ratios in the world — Ghana (16%), South Africa (27%), and OECD Average (34%).
Only 214 individuals in Nigeria pay 20 million Naira or more in tax annually.
2. In the last 12 months, the Buhari administration has spent 1.2 trillion naira on infrastructure. On roads alone, the government spent more than 70 billion Naira, compared to just 19 billion Naira in 2015.
The federal government has just launched a Community Tax Liaison Officers Scheme under the N-Power Programme.
3. The scheme will recruit and train 7,500 Community Tax Liaison Officers on the Nigerian tax system, sales, communication skills and civic education, and then deploy them to their communities to provide tax education and help the Government enrol new tax payers.
4. On Wednesday, June 14, 2017, the Federal Executive Council granted permission for the Ministry of Finance to sign the global convention on Base Erosion and Profit Shifting — a practice that has allowed companies who generate profits in Nigeria to evade taxes by shifting those profits to countries where little or no tax is payable.
5. The Federal Ministry of Finance has been engaged in a massive data gathering exercise for the last 15 months — engaging one of the world’s leading global investigation agencies to trace funds that originated from Nigeria and have been illegally diverted across the world.
NAIJ.com earlier reported that Kemi Adeosun also said it is easier to steal money in the country while recovering such stolen funds takes years.
She reportedly made this claim in Abuja at a three-day conference with the theme: ‘Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development’.
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The minister further disclosed that the country had continued to fight for the repatriation of the funds starched in foreign accounts since over 20 years ago by some alleged looters.
Watch this NAIJ.com video on the state of the Nigerian economy: