The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that there is need to desist from all forms of borrowing in the nation.
Edun said this on Thursday during an interaction with journalists following a meeting with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, United States.
The Minister stressed the importance of reducing reliance on borrowing and enhancing domestic resource mobilisation.
He outlined plans for tax reforms aimed at streamlining tax structures, leveraging technology, and implementing policies to double tax revenue within the next three years.
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He emphasised the collaborative efforts between fiscal and monetary authorities to combat inflation and stabilise prices, highlighting the objective of lowering interest rates to facilitate affordable borrowing for investors and drive economic recovery.
Edun, however, expressed concern over Nigeria’s low tax-to-GDP ratio, which stands below the African regional average. He hinted at possible tax evasion, stating, “At 10 percent to GDP, what should I say, it would appear as if some people are not paying their taxes.”
