The Lagos Chamber of Commerce and Industry (LCCI) has commended the Federal Government 2025 Budget of Restoration, but called for an urgent need to improve Nigeria’s tax-to-GDP ratio to achieve the ambitious revenue target of N34.82 trillion.
Reacting to 2025 budget released by Federal Government, the Director General of LCCI, Dr. Chinyere Almona said Nigeria’s tax-to-GDP ratio is one of the lowest globally.
She said, “accelerating tax reforms, simplifying processes, and incorporating the informal sector are essential”, stressing that leveraging technology to expand the tax net, minimize leakages, and foster transparency will be critical”
She said, “fiscal discipline must complement these efforts to effectively manage the N15.81 trillion debt servicing allocation, adding that prioritizing high-impact, self-sustaining projects and exploring alternative funding mechanisms, such as public-private partnerships, are crucial to keeping debts within sustainable limits.”
She expressed the need to draw attention to key priorities, including security, infrastructure, education, health, and agriculture, focusing on achieving macroeconomic stability and inclusive growth.
Speaking further she said, “structural reforms are indispensable to reducing inflation to 15 per cent and stabilizing the exchange rate at N1,400/$1.
“Addressing food and energy supply chain bottlenecks, fast-tracking local petroleum production projects, and fostering alignment between monetary and fiscal policies will restore confidence in the naira and ease inflationary pressures.”
She, however, said that achieving the ambitious oil production target of 2.06 million barrels daily requires decisive action to resolve pipeline vandalism, theft, and underinvestment.
