5 Takeaways from Minister of Finance Kemi Adeosun’s Speech at the #NSEBloomberg Event in Lagos on Friday June 16, 2017

1.Nigeria has one of the lowest tax-to-GDP ratios in the world — Ghana (16%), South Africa (27%), and OECD Average (34%). Only 214 individuals in Nigeria pay 20 million Naira (c.US$65,000) or more in tax annually.

2.In the last 12 months (i.e. in #Budget2016), the Buhari Administration has spent 1.2 trillion Naira on infrastructure. On roads alone we spent more than 70 billion Naira, compared to just 19 billion Naira in 2015.

3.The Federal Government has just launched a Community Tax Liaison Officers Scheme under the N-Power Programme. The Scheme will recruit and train 7,500 Community Tax Liaison Officers on the Nigerian tax system, sales, communication skills and civic education, and then deploy them to their communities to provide tax education and help the Government enrol new tax payers.

4. On Wednesday June 14, 2017, the Federal Executive Council granted permission for the Ministry of Finance to sign the global convention on Base Erosion and Profit Shifting — a practice that has allowed companies who generate profits in Nigeria to evade taxes by shifting those profits to countries where little or no tax is payable.

5. The Federal Ministry of Finance has been engaged in a massive data gathering exercise for the last 15 months — engaging one of the world’s leading global investigation agencies to trace funds that originated from Nigeria and have been illegally diverted across the world.

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