G24 Chief Advocates Tax Reforms to Boost Nigeria's Economy

Iyabo Masha, the director of the G24, addressed a press conference in Abuja ahead of a meeting of the group, emphasizing that Nigeria's new tax law will support the country's transition to a modern and efficient economy. Masha, who is the first African to hold this position in the G24, noted that tax reforms are crucial for deepening formalization and strengthening public finances in Nigeria.

She stressed that domestic resource mobilization remains central to the country's development agenda. Masha pointed out that taxation enables the government to provide essential services such as infrastructure, education, and healthcare while maintaining law and order.

She highlighted that developing countries often experience weak tax mobilization, with Nigeria's tax revenue at a low seven percent of GDP, compared to the global average of 25-30 percent. Masha's previous examination of Nigeria's tax framework revealed fragmentation and inadequate implementation, contributing to the low revenue mobilization.