The Director-General, Debt Management Office, Ms Patience Oniha, has called on the need for Nigeria to operate efficient tax administration in tackling revenue challenges.
Oniha said this in Lagos while addressing journalists at the 2022 Capital Market Correspondents Association of Nigeria workshop, themed ‘Nigeria’s public debt and the capital market’.
She said that revenue challenge remains one of the most critical policy issues of the Federal Government which is currently threatening nation’s debt sustainability.
“The country needs to operate an efficient tax administration that would ensure greater compliance to remittances devoid of all forms of evasions in the system,” she said.
Recall that the current revenue problem is compounded by leakages such as an increase in oil theft and petrol subsidy, both of which has significantly reduced the revenue from oil sales that used to account for the bulk of government revenue.
Oniha noted that the outlook of both the local and international markets was becoming tighter with rising interest rate.
She, therefore, stressed the need for the country to urgently moderate its new borrowings and ensure that public debt is sustained by accelerating its revenue base to shore up non-oil revenue and rationalising expenditure.
