Fiscal self-discipline and a structured technique to shrink the casual sector has been described as keys to attaining sustainable financial progress in Nigeria.
Chief Guide of B. Adedipe Associates Restricted, Dr Biodun Adedipe, said this on the 2025 Mid-12 months Financial Outlook Overview organised by the Lagos Chamber of Commerce and Trade’s (LCCI), in Lagos.
He warned that with out self-discipline in public spending, efforts at macroeconomic stability and inclusive progress would stay undermined.
Adedipe emphasised the necessity for complete assessment of presidency expenditure and tightening fiscal operations to make sure environment friendly useful resource allocation.
In response to him, Nigeria should embrace expenditure administration and set measurable targets to steadily cut back the casual sector’s contribution to GDP over the following three a long time, drawing from the expertise of high-performing East Asian economies.
Adedipe painted an optimistic outlook for Nigeria’s non-oil export sector in 2025 and past.
Additionally talking, Chairman of the Presidential Fiscal coverage and Tax Reforms Committee, Taiwo Oyedele, stated that the nation’s tax reform is anticipated to facilitate financial progress, income mobilisation and share prosperity.
In response to him, the tax reforms would assist to enhance tax to Gross Home Merchandise (GDP) ratio, non oil income efficiency, effectivity and optimisation.
He stated other than addressing distortion and income harmonisation, the tax reforms will go a good distance to enhance Nigeria’s credit standing, decrease deficit and value debt.
Oyedele added that the implementation of latest tax reform would cut back enterprise danger, decrease tax burden and usher in aggressive tax regime within the system.
In his opening remarks, President of LCCI, Mr. Gabriel Idahosa, known as on the federal authorities to prioritise infrastructure financing and cut back the price of governance, amongst different issues, to maintain the economic system on the trail of progress.
Whereas reviewing the economic system within the first half of the yr, he emphasised the necessity to admire the progress made and the structural points hindering inclusive progress.
“As we enter the second half of 2025, we should method the rest of the yr with renewed resolve, strategic focus, and collaborative spirit.
“We should transfer from coverage rhetoric to implementation, from remoted efforts to built-in methods, and from short-term fixes to long-term planning,” he said.
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