The Nigerian Economic Summit Group (NESG) has urged the federal government to expand the country’s tax net in order to mobilise finance in high-growth sectors of the economy.
The NESG, in a statement yesterday, said expanding the tax net served as a vital step towards achieving sustainable development in Nigeria.
The group, which 29th Economic Summit (NES 29), scheduled for October 23 to 24, 2023, said it would be spotlighting the subject as a sub-theme, adding that sustainable development required deepening national financial systems through facilitation and mediation of innovative sources such as private equity, development finance, digital financial inclusion and microfinance.
“Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency, promoting broad-based investment, packaging, onboarding, and retention of both domestic and foreign direct investments in critical high-growth sectors,” the statement said, quoting Dr Olusegun Omisakin, Director of Research at the NESG.
He added that Nigeria could leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.
According to Dr Omisakin, “Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds. Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”