Sen. Udo Udoma, Minister, Budget and National Planning, says the Federal Government is targeting 15 per cent tax contribution ratio of Gross Domestic Product (GDP) through improved tax collection strategies.
Udoma stated this on Friday at the private equity summit organised by Udo Udoma and Belo-Osagie Law Firm with the theme “Nigeria: Still Open for Business” in Lagos.
He said that Nigeria’s GDP ratio presently at six per cent was one of the lowest in the world when compared with India’s 16 per cent, Ghana’s 15.9 per cent and South Africa 27 per cent.
Udoma said that government would achieve the target through improved tax collection and not increment in tax rates.
“We don’t want to increase our tax rate but we want to increase tax collection to achieve the desired growth”, he said.
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