Nigerians To Pay More Tax

Dr. Ngozi Okonjo-Iweala has said Nigerians are expected to pay more tax in the coming year to shore up the shortfall, the Minister of Finance.

“We’ve tried to broaden the tax-base,” Okonjo-Iweala, who spoke with reporters shortly after laying the budget before the House of Representatives, said, adding that the Federal Government has also “closed many loopholes and leakages.”

The minister further disclosed that the nation’s economy will be driven mainly by the non-oil sector, considering the global oil price slide.

“We’ve speeded up audit, we’ve closed some exemptions and all of these will bring additional revenues into the coffers,” she said.

The 2015-2017 Medium Term Expenditure Framework (MTEF) presented to the National Assembly, shows that federal government’s net revenue projection from non-oil sector was N2.075 trillion after costs and deductions for 2015, while net oil revenue was put at N3.955 trillion after costs, deductions and derivation.

Okonjo-Iweala, who came with six ministers including Senator Bala Mohammed, the FCT Minister, said despite the oil slide, the federal government will ensure regular payment of pensions, salaries and wages to the federal workers.