“As of June 2023, Nigeria’s total debt portfolio stood at N87.9 trillion ($ 114.3 billion) and will climb to N107.38 trillion in 2024, following recent approvals by NASS. It also said that the unsustainable level of public debt showed the need for a reassessment of government spending and revenue generation. ADVERTISEMENTIt also urged NASS to revise the legal and institutional frameworks relating to debt management, emphasising transparency and accountability. It recommended the harmonisation of tax laws and rates to reduce overlaps and inconsistencies, eliminate multiple taxation and improve tax revenue mobilisation. “NASS should establish a Tax Committee, empowered to approve Double Tax Agreements, rather than the general floor of the National Assembly.

Source: The Guardian February 24, 2024 12:51 UTC