A financial expert has said the rebased gross domestic products (GDP) will expose the nation’s huge untapped tax base, especially the informal and non-oil sectors that are hardly captured.
Head financial system strategy FSS 2020 unit, Central Bank of Nigeria (CBN), Engineer Oluwatoyin Jokosenumi, said with the rebasing of the GDP, Federal Inland Revenue Service [FIRS] collections would improve reasonably.
He said the revenue collected by FIRS in 2013 was N4.8 trillion, about 17.18% below N5.80 trillion targeted for the year.
He said the GDP rebasing would deepen and diversify products, services and institutions to drive increased participation in financial market; facilitate the reduction of operational and transaction costs; establish international competitive market infrastructure; and ensure competitiveness of the financial markets product services.
He however said for the pension sector, the rebased GDP enabled pension fund administrators (PFAs) to partner with international counter parties to structure and invest in domestic infrastructure projects.
He said there was need for pension sector collaborated with other regulators and key stakeholders to structure and develops products suitable for pension investments.
He said FSS 2020 was initiated to sustain the macroeconomic stability, strengthen the banking and financial system beginning with clear understanding of the concept of money as a legal tender currency.
