Nigerian economy is not doing badly but all major stakeholders should support the government for the country to emerge stronger.
Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the economy is on upward swing.
Ahmed said this at a symposium organised by the Chartered Institute of Taxation of Nigeria (CITN), Abuja chapter in Abuja.
The minister, represented by Mr Stephen Medaiyedu, the Deputy Director in charge of Tax and Policy in the minister, explained that as part of government’s efforts to increase non-oil revenue, the present administration had set an aggressive target for increasing tax collection.
The tax rate being paid by those that are compliant is lower than expected.
“A robust tax system is a pre- requisite for any economy that is desirous genuinely committed to growth and development.
“Tax collection must grow in line with growth in the economy but this has not been the case in Nigeria.
“This situation was witnessed because of lack of transparency and accountability in the management of our collective wealth in the past,’’ she explained.