Senate President, Ahmad Lawan, has urged revenue-generating agencies to increase its effectiveness as he stated that Nigeria cannot afford to continue borrowing as it’s not sustainable.
According to The PUNCH,Lawan made this known in Abuja during his 64th birthday celebration.
As the government could no longer continue to borrow to pay the budget, the Senate President said that it would no longer be business as usual for the nation’s different revenue-generating agencies.
The President of the Senate has stated that the action is necessary because of revenue deficits and the country’s high debt profile, both of which are exacerbated by leakages and loopholes in tax collection and remittances to the government.
“In looking inward, the Senate and by extension, the National Assembly, will turn the heat on various revenue-generating agencies through relevant committees for optimal performance as far as revenue generation is concerned.
“The committees through oversight functions will ensure that each of the revenue generating agencies, remit every kobo generated into the national coffers.”
He also said that the Federal Government would evaluate its procedures for providing tax breaks to corporations, reducing or eliminating import duties, and making other concessions to attract investment and enterprise.
He underlined the importance of reviewing most waivers and concessions in order to increase revenue to the government and reduce borrowing.