Sunday, September 19, 2021

World Bank raises the alarm on state of Nigeria’s revenue-to-GDP ratio



The World Bank says
Nigeria’s Revenue-to-Gross Domestic Product ratio, which fell to between five and six per cent last year, is the lowest in the world.

The Bank’s Country Director for Nigeria, Dr Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar with the theme ‘Nigeria in challenging times: imperatives for a cohesive national development agenda’ held in Lagos.

Chaudhuri, who stressed the need for private investment for the country to realise its potential, said the private sector in the country is struggling to breathe.

He noted the aspiration of President, Muhammadu Buhari to lift 100 million Nigerians out of poverty by the end of the decade.

According to Chaudhuri, to invest in people entails basic services, basic education, primary healthcare and nutrition, among others.

He indicated that despite the country’s huge potential to attract private capital, the non-oil part of the economy is not growing that robustly and certainly not generating revenues that the government needs.