Nigeria's $1 Trillion GDP Goal Achievable with Tax Reforms

Chidi Nwafor, a renowned fiscal policy expert and principal consultant, asserts that Nigeria's ambitious goal of becoming a $1 trillion economy is achievable through strategic fiscal harmonization and ongoing tax reforms. Speaking at a recent high-level economic review in Abuja, Nwafor highlighted the necessity of transitioning from a debt-reliant budget to a revenue-driven economy.

He emphasized the importance of stabilizing the naira and funding critical infrastructure. Nwafor advocates for eliminating multiple taxation and consolidating 60 different tax streams into a single-digit system to ease business operations for Nigerian SMEs.

He also calls for the digitalization of the Nigeria Revenue Service to combat corruption and enhance public trust. Nwafor's recommendations include abolishing nuisance taxes, offering tax credits for corporate investments in local infrastructure, and broadening the tax base to reduce Nigeria's debt-to-GDP ratio.

He stresses that these reforms are essential for translating renewed revenue into national development.