A former Director of the Central Bank of Nigeria, CBN, Mr Chris Nemedia, says further inclusion of more Nigerians in the nation’s tax bracket would leverage revenue and improve the ratings.
Nemedia said in an interview with News Agency of Nigeria (NAN) in Lagos that government effort at expanding the nation’s tax bracket was encouraging.
“When huge funds are gotten from tax, the revenue will impact the present national Gross Domestic Products and reverse the negative economic ratings.
“It is a known fact that taxation and funds generated from it will always complement revenue projections from crude oil,” he said.
He also said that government’s sustained effort at curbing the scourge of corruption and plugging all the wastages would increase Nigeria’s favourable rating.
Mr Bright Okwu, an economist, said that the nation’s poor rating would soon come to past, if the three tiers of government fixed the key critical infrastructure needed for sustained economic growth.
Okwu, who is also the President, Small Holders Farmers and Youth Network of Nigeria, said that coordinated confrontation on corruption at all levels of government would turn around the pessimistic rating of Nigeria.
“Fighting the scourge of corrupt practices to a halt by enhancing the operations of the anti-graft agency will go a long way to remedy the nation’s negative outlook.
“Taking care of corruption nationally will address about 50 per cent of the challenges confronting most sectors of the economy,” he said.
Mr Olakunle Adegoroye, a Lecturer, Lagos State Polytechnics Ikorodu, urged government to strenghten state institutions needed in confronting numerous national socio-economic challenges.
“Building up institions cannot be over emphasised, as it is one of the the pivotal tool for any government to function effectively.
“It is one of the crucial pillars that has continued to transform many of the countries of the West and place them on a good pedestal,“ he said.
NAN recalled that Fitch, an international rating agency, recently revised Nigeria’s credit rating outlook from stable to negative, warning that declining crude oil price might force the nation’s current account into deficit.
Fitch identified major factors associated with rating downgrade to include “a serious and prolonged breakdown in public order and erosion of fiscal and external buffers.
Others include inadequate policy response that seriously undermines confidence and reversal of key structural reforms.

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