Strengthening mechanism for increased internal revenue generation(IGR) is critical to the expected increased revenue in the non-oil sector, Yue Man Lee, World Bank Senior Economist, has said.
Lee said this on Tuesday in a paper she presented at the ongoing 3-day National Council on Finance and Economic Development conference, holding in Kaduna.
The paper was entitled “Strengthening States Revenue Performance through Transparency and Open Government.’’
Lee observed that Nigeria’s revenues were very low due to contraction in oil revenues and the stagnancy in the non-oil revenues which she attributed to the absence of stable tax policy reforms and weak tax administration.
She said that with no improvement in revenue collection, total spending would decline; debt would increase while fiscal space would shrink.
The expert noted that government could not deliver on its social…
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