Nigerian Senate President Ahmad Lawan in one of his recent statements during a joint session of the national assembly where President Muhammadu Buhari presented 2022 budget, urged the Federal Government to look for other sources of funds in order to reduce borrowing. In a report by Punch Newspaper, Lawan disclosed that the national assembly had approved the government's requests for borrowing having seen the commitment of the present administration to set up invaluable infrastructures across the country.
However, it is noteworthy that the present administration had encountered series of occasions where the government had to borrow funds abroad in order to fund projects in the country. From this view it has become so imperative for the government to look for other viable means of getting funds to reduce borrowing.
Here are some of the things Buhari can do to create room for the government to generate more funds.
1. VAT Implementation In The 36 States Of The Country
Value Added Tax (VAT) is a small amount of money added to the cost price of a commodity as it's tax price. Considering a country like Nigeria, with over 200 million population, Value Added Tax could be a strong source of revenue if implemented in the 36 states of the Federation. If the present administration can make efforts to receive huge compliance of the citizens in payment of VAT for commodities, it will aid in reducing the rate of borrowing and also make the country self sufficient.
2. More Investments In Agriculture
Agriculture is one of the indispensable disciplines that humanity cannot do without. Nigeria is blessed with land mass, fertile soils and good climate. On this note, if President Buhari can make larger investments in the nation's agriculture, it would be a productive source of funds and that would help to reduce borrowing.
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