The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has ruled out the possibility of increasing tax rates in the country.
Speaking during an interactive session with the House of Representatives Committee on Finance, he said his ministry will focus on revenue generation in the 2024 financial year, instead of increasing taxes.
The interactive session between the committee, the Minister, and government-owned enterprises (GOEs) was aimed at shoring up revenue generation above the projected N27.5 trillion for the 2024 budget.
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The minister who fielded questions from members of the committee maintained that increasing taxes would be counterproductive to the administration’s drive to attract both local and foreign investors to the country.
He also acknowledged that government spending on key infrastructure and social services like education and health remain inadequate, and he stressed the need to cut wastages and leakages in government expenditures.
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