The federal government says it’s driving towards achieving a target revenue to Gross domestic product (GDP) of 15 per cent by 2023 through the implementation of the Strategic Revenue Growth Initiative (SRGI 2.0).
Minister of Finance, Dr. Mrs. Zainab Shamsuna Ahmed who disclosed this during her presentation at the virtual event of the Nigerian Economic Outlook 2021 hosted by Deloitte Nigeria, said the country is currently working on the second phase of the Strategic Revenue Growth Initiative (SRGI 2.0).
The Strategic Revenue Growth Initiative (SRGI) was launched last year by the federal government for identifying and exploiting sources that would largely boost and diversify the revenue base of the country.
According to Dr. Ahmed, the second phase of the initiative (SRGI 2.0) has become imperative having reviewed strategies, identified challenges and as well as re-assessed the prospects and opportunities in pursuing the objectives.
In her own words, “SRGI 2.0 involves a top-down approach that is driven by enhanced data and technology to complement a bottom-up approach aimed at improving operational efficiencies.
“We are willing and available to partner with all state governments yet to join on this transformative journey.”
The Honorable Minister of Finance outlined 3 key thematic areas covered by the SRGI as achieving sustainability in revenue generation, identifying new and enhancing the enforcement of existing revenue streams, as well as achieving cohesion in the revenue ecosystem (people and tools).
Through this strategic initiative, the government intends to build and strengthen sustainable revenue generation systems through the application of the right incentives, safeguards and performance management systems.
