Governor of Kaduna State, Nasir El-Rufai has stated that Nigeria is not collecting as much public revenue as it can.
The governor although noted that there is considerable resistance to the hike in VAT from 5 per cent to 7.5 per cent, says Nigeria’s rates are still much lower than other neighbouring countries.
He raised the alarm that the country has almost reached its maximum capacity to borrow.
He said that with the collapse of crude oil prices, the nation should be more proactive to avoid external shocks.
The governor made this known at the 22nd Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) held in Lagos on Thursday.
He said the country should start developing tax extraction capacity and create an effective tax system that influences structural change.