President Bola Tinubu said on Tuesday his administration would end the overreliance on foreign loans for project execution and other public spending.
The president, who stated this during the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms on in Abuja, charged the the committee to improve the country’s revenue profile and business environment.
He said the Federal Government was moving towards achieving an 18 percent Tax-to-GDP ratio within three years.
The president directed the committee to achieve its one-year mandate of fiscal governance, tax reforms, and growth facilitation.
Tinubu also directed all government ministries and departments to cooperate fully with the committee toward achieving its mandate.
The committee, according to him, will assist the government to meet the high expectations of Nigerians on issues that concerned their lives.
He said: “We cannot blame the people for expecting much from us. To whom much is given, much is expected.
“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda.
“I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people.”
President Tinubu also acknowledged Nigeria’s current international standing in the tax sector, saying the country was still facing challenges in areas such as ease of tax payment and its Tax-to-GDP ratio.
“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18 percent tax-to-GDP ratio within the next three years.
“Without revenue, the government cannot provide adequate social services to the people it is entrusted to serve.
“The committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within 30 days.
“Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” he added.
