The present economic challenges facing the country notwithstanding, the government is resolute and determined to bring succour to millions of Nigerians, Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has said.

Delivering a remark at the Chattered Institute of Taxation of Nigeria Abuja Tax week on the dilemma of improving tax revenue in tough economic times, on Tuesday, Dogara, noted that survey of economists on growth rate for the West African region is put at 5.4% and 4.6% for Sub-Saharan Africa.

He maintained that the consensus however, is the fact that diversification of the economy is no longer a politically expedient tool but an urgent economic renaissance which must occur for Nigeria's continued survival and sustenance.

This, he argued informed the decision of the House of Representatives to introduce Sectoral Debates on the diversification of the Nigerian economy aimed at interaction with ministers in the Executive arm and introducing necessary legislation and oversight to diversify the economy.

“Midway into fiscal year 2016, the challenges of meeting yearning expectations is still as daunting as ever but the government is as resolute as it remains dedicated to bringing succour to the plight of the average Nigerian,” he stated.

“To do this, the government deliberately tinkered with the federal budget in order to ensure that it delivers a 70:30 recurrent to capital spending per total budget expenditure in order to boost capital formation in the economy.”

“We realise that capital project financing is vital to providing new infrastructure that would help build the badly needed capital formation for our economy to grow. We need to do even better in the 2017 Budget and afterwards.”

“Our tax buoyancy does not leave us with any much to cheer as well at -3.21 in 2015 from its previous levels of -0.08 for year 2014. Combined contribution of the states to tax revenue stood at 15.43% of total tax revenue with federal tax revenue making up 84.57% for year 2015."

“This was only a 2.38 percentage point increase in states’ Internally Generated Revenue (IGR). Among the States, Ebonyi tops with average annualised growth rate in IGR of 98.59% while Kwara State is lowest with 0.77%.

“On the basis of IGR per states’ population, Lagos understandably tops the chart with N22, 954.65 per capita while Zamfara is lowest with N652.15 per capita as at 2015. This means that Lagos is more able to serve its people 35.2 times with tax revenue over its Zamfara counterpart.”

The Speaker also called on Nigerians to pay their taxes as patriotic and law abidinf citizens saying: “I urge every well-meaning Nigerian and foreign businesses to honestly declare their incomes and pay their fair share of taxes to the Nigerian government.

“For us at the National Assembly, we equally stand ready to contribute our fair share towards delivering a tax system that works in the interest of all stakeholders.”

•Photo shows Speaker Dogara.

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