On fiscal consolidation, the report stated that the Bola Tinubu-led administration should carry out a reformed tax regime to ensure efficiency in tax administration, reduce tax evasion and tax avoidance, as well as eliminate multiple taxation.
“Elimination of fuel subsidy to save an estimated N7tn annually. Elimination of foreign exchange subsidy to unlock a minimum of N3tn revenue annually from the sale of CBN forex to the official foreign exchange window,” the report read in part. It added, “Unlock more income from revenue generating agencies through enhanced efficiency of their operations. Initiate budget reforms to ensure fiscal discipline, curb budget padding, curb duplication of projects and review the service wide votes to ensure transparency.
“Ensure value for money in government expenditure and procurement. Commit to reduction in the cost of governance.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.