Tax reforms: ‘Nigeria’s $1trn GDP target achieveable with strategic fiscal harmonisation’
Renowned fiscal policy expert and taxation consultant, Prince Chidi Nwafor, has asserted that Nigeria’s ambitious goal of becoming a $1 trillion economy was not only possible but imminent, provided the nation remained committed to current strategic tax reforms.
Speaking at a recent high-level economic review in Abuja, Prince Nwafor who has over two decades of experience in financial engineering and economic advocacy, highlighted that the transition from a debt-reliant budget to a revenue-driven economy was the “sovereign masterstroke” needed to stabilise the naira and fund critical infrastructure.
Harping on the need for a shift from taxing seeds to nurturing harvests, Prince Nwafor, a leading voice in Nigeria’s fiscal space, emphasised that the ongoing reforms were designed to eliminate the ‘deadweight’ of multiple taxation.
According to Prince Nwafor, who has become a trusted advisor for organisations and state actors seeking to navigate the complexities of modern African economies, the move to consolidate over 60 different taxes into a streamlined, single-digit system is the ultimate “ease of doing business” gift to Nigerian SMEs.
“For too long, we have taxed the ‘seed’ of our small businesses, preventing them from growing. The new fiscal roadmap he has become a trusted advisor for organisations and state actors seeking to navigate the complexities of modern African economies by the administration, which I have spent years advocating for, focuses on taxing the ‘harvest.’
“This protects the vulnerable while ensuring that the wealthiest sectors contribute their fair share to national development,” he stated.
While further advocating for the digitalisation of the Nigeria Revenue Service (NRS) Prince Nwafor maintained that manual tax collection was the breeding ground for corruption.
By moving to a blockchain-backed or fully digitalised portal, Nwafor argued that leakages would be blocked, and public trust will be restored as citizens see a direct correlation between tax compliance and visible projects.
Blueprint reports that the pillars of the Nwafor’s social doctrine includes: Abolition of ‘Nuisance’ Taxes: Removing road-side levies that stifle logistics; Incentivising Compliance: Offering tax credits to corporations that invest in local infrastructure; the $1 Trillion Roadmap: Leveraging a broadened tax base to reduce Nigeria’s debt-to-GDP ratio.
He concluded by noting that as the nation navigates these essential reforms, he would remain at the forefront, providing the intellectual and strategic framework to ensure that “Renewed Hope” translates into “Renewed Revenue.”
Nwafor called on all stakeholders to view taxation as a social contract, where the government provides security and infrastructure in exchange for civic contribution.