Minister of Finance Warns FG Over Move To Borrow N11.03 Trillion - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Minister of Finance Warns FG Over Move To Borrow N11.03 Trillion

The Source by The Source
August 29, 2022
in News
0
BREAKING: FG To Reduce Workforce, Gives Reason
0
SHARES
85
VIEWS
Share on Facebookshare on whatsappShare on Twitter

The Minister of Finance and National Planning, Zainab Ahmed, has warned Nigerians against comparing Nigeria with South Africa.

She stated that South Africa is a tax-based economy, while Nigeria on the other hand is competing with Sudan in the area of taxation.

The minister disclosed this on Monday while defending the government’s Medium Term Expenditure Framework and Fiscal Strategy Paper.

According to the minister, most high earners in Nigeria are not paying taxes, particularly at the state level.

“The comparison between Nigeria and South Africa cannot be done. The federal government national budget and South African national budget are not proportionate. It is important to state that the South African budget is largely funded by taxes, unlike Nigeria’s economy. The tax base in Nigeria is still narrow. The tax rate is still quite low, VAT is still 7.5%, the average VAT rate in West Africa region is 15%.

“We have the lowest tax rate in the world, second only to Sudan. Even Sudan is increasing its VAT rate. We need to all efficiently improve tax collection. In Nigeria, PIT is very low. Individuals of high networth—only a few of them are paying taxes,” he said.

This comment is coming amid plans by the federal government to borrow over N11 trillion to finance the deficit in the proposed expenditure of the federal government.

In the document submitted to the lawmakers, the federal government plans to borrow N9.32 trillion comprising N7.4 trillion from the domestic market and N1.8 trillion from foreign sources. The government is expected to generate N206.1 billion from privatization proceeds and N1.7 trillion multilateral project-tied loans.

She added that the government cannot afford to keep subsidy beyond June 2023. As the government is not planning for subsidy beyond mid 2023.

Daily post

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: FGMinister Of Finance
Previous Post

Cristiano Ronaldo Sells His Luxury Jet

Next Post

BBNaija: Biggie Explain How Doyin Escaped Eviction

The Source

The Source

Related Posts

Igbomina State Creation: A Call for Justice Not Conflict — Ctte tells House of Rep
News

Igbomina State Creation: A Call for Justice Not Conflict — Ctte tells House of Rep

by The Source
July 18, 2025
Osun Online Publishers Organises Digital Media Workshop
News

Osun Online Publishers Organises Digital Media Workshop

by The Source
July 18, 2025
S’West Youth Leaders Unite Against Insecurity, Declare New Chapter in Fight Against Social Decay
News

S’West Youth Leaders Unite Against Insecurity, Declare New Chapter in Fight Against Social Decay

by The Source
July 18, 2025
NIMASA Shuts ShellPlux, TMDK Terminals Over ISPS Code Violations
News

NIMASA Shuts ShellPlux, TMDK Terminals Over ISPS Code Violations

by The Source
July 17, 2025
Omisore To Contest APC National Secretary, Submits Nomination Form
News

Fact Checking Omisore Interview on Channels TV

by The Source
July 17, 2025
Next Post
BBNaija: Biggie Explain How Doyin Escaped Eviction

BBNaija: Biggie Explain How Doyin Escaped Eviction

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Igbomina State Creation: A Call for Justice Not Conflict — Ctte tells House of Rep
  • Osun Online Publishers Organises Digital Media Workshop
  • S’West Youth Leaders Unite Against Insecurity, Declare New Chapter in Fight Against Social Decay

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In