CITN's Fowokan Urges Reforms from New Finance Minister

Dr. Titilayo Fowokan, the Deputy Vice President of the Chartered Institute of Taxation of Nigeria (CITN), has expressed support for the new Finance Minister, Prof.

Taiwo Oyeleke. Fowokan highlighted the pressing challenges facing Nigeria's fiscal outlook, including rising debt and volatile oil revenues.

She urged Oyeleke to prioritize reforms aimed at restoring macroeconomic stability, increasing non-oil revenue, and improving public spending efficiency. Fowokan identified revenue mobilization as a critical focus, noting Nigeria's low tax-to-GDP ratio limits the government's capacity to fund development.

She recommended expenditure rationalization, including zero-based budgeting and reducing non-essential spending. Additionally, Fowokan called for stronger coordination in debt management and proactive risk management to address the country's reliance on oil.

She emphasized the need for growth-promoting measures in agriculture, manufacturing, and the digital economy, while also acknowledging the social costs of reforms. Fowokan stressed the importance of visible results within 100 days to earn public trust and drive transparency.