KEY POINTS
- Nigeria needs $20 billion annually to achieve 6.3 percent growth by 2027.
- Increased tax revenue is critical for funding ambitious economic targets.
- Revenue agencies exceeded performance goals, boosting national finances.
Nigeria requires an additional $20 billion annually to achieve an average economic growth of 6.3 percent by 2027, according to Finance Minister Wale Edun.
Speaking at the citizens and stakeholders engagement on implementing presidential priorities, Edun emphasized the importance of investing in infrastructure and logistics to boost agriculture and other critical sectors.
“We need significantly more growth, an additional $20 billion yearly to support social infrastructure and logistics for agriculture,” Edun said during the event in Abuja on Friday.
According to Vanguard, the minister highlighted that the government plans to fund these targets primarily through increased revenue generation, focusing on an improved tax framework.
Boosting revenue and controlling fiscal deficit
Edun stated that the government must create a robust tax system to secure the necessary funds.
Sustainable economic growth, he noted, depends on achieving higher tax revenues and maintaining fiscal discipline.
“To achieve this target and grow the economy, the government can only secure the funds from revenue. Tax revenue needs to be increased to reach the desired levels,” Edun said.
Additionally, controlling the fiscal deficit and stabilizing the exchange rate were identified as critical factors for boosting investor confidence. A stable economic environment would encourage more business activity, leading to higher tax revenues.
Revenue agencies surpass performance targets
Minister of State for Finance, Dr. Doris Uzoka-Anite, commended agencies under the Ministry of Finance for exceeding their targets.
The Federal Inland Revenue Service (FIRS) and Nigeria Customs Service were praised for their contributions to national revenue.
“All the agencies under the ministry have performed very well. The two major revenue-generating agencies exceeded their targets, which is highly commendable,” Uzoka-Anite said.
The event served as a platform to track progress toward achieving the ministry’s goals, with Uzoka-Anite noting that regular performance reviews ensure accountability.