Nigeria’s fiscal outlook, shaped by rising debt, modest tax revenues, and volatile oil earnings faces renewed pressure, with policy experts’ warning of crisis that can be averted with urgent interventions.
To this end, Deputy Vice-President (DVP) of the Chartered Institute of Taxation of Nigeria (CITN), Dr. Titilayo Fowokan, urged focus on these pressing challenges, calling on the new Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, to drive decisive actions.
Congratulating Oyedele on his new role, Fowokan reminded him of the tasks ahead, stressing the need for coordinated reforms that deliver feasible results.
In a policy brief to the minister, Fowokan, who is also the Principal Consultant at FTE Professional Services Ltd, proposed solutions to spur sustainable economic growth over the next 12 to 18 months.
She stated that the new minister should set priorities around restoring macroeconomic stability, increasing non‑oil revenue, improving public spending efficiency, ensuring debt sustainability, and promoting inclusive growth.
The brief identifies revenue mobilisation as a primacy, pointing to Nigeria’s low tax‑to‑GDP ratio that have limited government’s capacity to funding development.
“Strengthening revenue service efficiency through digitisation, rationalising tax incentives, and addressing tax leakages and unjustified incentives will be key to reversing the current revenue shortfall,” Fowokan advised.
Beyond revenue, she called for expenditure rationalisation through zero‑based budgeting, reduced non‑essential spending, improved procurement transparency, and reallocation of resources to priority sectors.
On debt, the finance expert urged stronger coordination with the Debt Management Office, a deliberate shift towards concessional and long‑term financing, greater transparency, and proactive risk management efforts.
Recognising Nigeria’s continued dependence on oil, Fowokan pressed for urgent corrective measures in the sector, stressing that government must improve remittances and transparency from the Nigerian National Petroleum Company Limited (NNPCL) and curb oil theft undermining production.
“It is necessary that the minister look beyond stabilisation towards growth by promoting agriculture, manufacturing, and the digital economy, expanding infrastructure through Public‑Private Partnerships, and supporting small and medium enterprises alongside export‑led growth,” she advised.
Acknowledging that reforms could carry social costs, Fowokan emphasised the need for scaled, targeted cash transfers and protection of spendings on health, education and vulnerable populations for inclusivity.
The economist, citing the minister’s credentials from previous roles and their shared experience at PwC, backed him to perform, urging visible results within 100 days to earn public trust and drive transparency.
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