GOVERANCE

Revenue Generation Major Constraint Of Federal Government, Says DMO

 

The Debt Management Office (DMO) has said that revenue generation was a major constraint of the Federal Government, adding that it impacted negatively on Nigeria’s debt situation.

Director-General of the DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to Oniha, the systemic resource mobilisation has been compounded by recent economic recessions.

She said that the most viable solution to the country’s challenge remained to grow revenues and plug all leakages, as cutting expenditure was not a viable option.

She, however, said that several measures were being taken by the Federal Government under the Strategic Revenue Growth Initiatives (SRGI) to improve revenue and fiscal prudence.

“These measures include improving the tax administration framework, including tax filing and payment compliance improvement.

According to her, it also includes evaluation of the process and policy effectiveness of fiscal incentives.

Oniha said that the Federal Government was also taking measures to identify and plug existing revenue leakages to enhance tax compliance and reduce evasion.

“ To further enhance independent revenue collection, government aims to optimise the operational efficiencies and revenue generation focus of government agencies.

” Introduction of new and further increases in existing pro-health taxes, like the excise on carbonated drinks will also enhance revenue generation”, she said.

ALSO READ  Abiru Gives Grant To Business Start-Ups

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button