Minister urges states to step up efforts on IGR campaign
Lagos State Governor Babajide Sanwo-Olu and Minister of Finance, Budget and National Planning Ms. Zainab Ahmed stressed the need for the country to optimize spending, reduce waste and excess and focus more on three avenues of exploration. do more with less.
They said the country’s revenue reforms, which mainly focus on sustained improvement in non-oil taxes, had started to bear fruit, urging state governments to redouble their efforts to increase internal revenue generated (IGR ).
The duo spoke yesterday at the National Council of Finance and Economic Development (NACOFED) conference, entitled: “Public sector finance management in the new normal (post COVID-19)”, which s ‘is held in Lagos.
Sanwo-Olu said that a strong public financial management system is a critical path for the efficient and effective delivery of the dividends of democracy to the people and therefore should be implemented in a transparent and accountable manner to all.
He noted that the COVID-19 pandemic had indeed been a wake-up call on many fronts, as it exposed gaps and highlighted vulnerabilities in the way public finances are managed.
Ahmed, for his part, said the country’s recovery rate from the pandemic has been persistently good and encouraging.
She added that the country’s economy has returned to normal and based on the current economic outlook, the economy is expected to grow 1.5% this year and 2.9% in 2022.
“Therefore, as we move towards reset opportunities, the focus should be on growing and consolidating recovery efforts.
“In the effort to consolidate this achievement, the government is taking further proactive steps to develop policies aimed at improving various sectors of the economy, such as agriculture, information technology and innovation, social and other infrastructure, which is part of our broader economic agenda. The efforts we launched about six years ago have helped close the income gap created by the pandemic, ”she said.
“The changes made by the National Assembly to the finance laws for 2019 and 2020, combined with the government’s strategic revenue growth initiatives (SRGI), have also cumulatively produced the desired results: increasing the sustainable increase in public revenue, promoting fiscal equity. , aligning national tax laws with global best practices, tax incentives for infrastructure development and capital markets as well as micro, small and medium enterprises.
“The initiatives have also helped to strengthen institutions and agencies. With this development, we are already on the right track to reach the target of a tax-to-revenue ratio of 15% by 2023. “