The Debt Management Office in Nigeria has identified Tax Evasion as the major factor militating against increase in the Nation’s Gross Domestic Product (GDP).
At a retreat of stakeholders held in Ada in Osun State on Saturday on the implications of rebasing of Gross Domestic Product for Public Debt Management, speakers observed that Nigeria’s debt/GDP Ratio had, after rebasing, dropped from 22.84 per cent to 12.65 percent indicating that the economy has grown appreciably.
The three day Retreat was organised by the Debt Management Office for members of the House Committee on Aids, Loans and Debt Management.
They gathered to deliberate on the importance of rebasing, its benefits and effects on Nigeria’s Gross Domestic Product for a better Economy.
Stakeholders observed that although the rebased GDP indicated broader classifications and economic activities, there was still the need for continued diversification of the economy away from Oil and Gas as its major Source of Revenue.
Proper Tax Administration and Collection, they all agreed, was one major way of increasing Nigeria’s GDP.
Director General, Debt Management Office, Abraham Nwankwo, stressed that focus should be on having the revenue to service debts, insisting that even though Nigeria’s debts ratio had fallen, “it does not mean that Nigeria is in a position to borrow money”.
Other Participants at the retreat stressed that as much as the government had a part to play in enhancing the economy; individuals had the major responsibility to perform their civic duty.
With this message it is hoped that every Nigerian will see the future of the Nation as a collective responsibility so the revenue profile of the government can grow in commensurate with the growing economic activities.
