Investor Presentaiton
Fiscal Discipline and Ongoing Initiatives to Improve Revenues
Prudent Fiscal Policy Holds Budget Deficit Below 3% of GDP
Budget Deficit as % of GDP
2013
2014
-0.99
-1.32
2015
2016
2017
2018E
Efficiencies
-1.62
-1.92
Reforms Supporting Increased Revenue Generation
NBn, % of GDP
14.3%
13.8%
63.2
67.2
69.0
9.0
9.3
-1.73
-2.41
-3.00
8.8%
7.8%
10.5%
6.1
67.9
5.3
68.5
7.2
2013
2014
GDP
2015
Revenue (Oil+ Non-Oil)
2016
2017
Revenue GDP
Sources: Ministry of Finance, Budget Office of the Federation, Ministry of Budget and National Planning.
17
Fiscal Performance, Reforms and Debt Management
Treasury Single Account implementation
•
Integrated Payroll Personnel System (IPPIS)
implemented across MDAs to enhance efficiency and
eliminate unjustified payroll entries
Financial
Sustainability
Improving
Non-Oil
Revenues
Improving Tax
Revenues
• Establishment of Efficiency Unit to cut costs and
block leakages
Adoption of a 22-point Fiscal Sustainability Plan with
the States as one of the measures to tackle the 2015-
2016 fiscal crisis at the sub-national level following the
decline in revenue
• Presidential Initiative on Continuous Audit
.
Tighter performance management framework for SOES
Improving Value Added Tax (VAT) collection
- 85% allocated to state and local governments
Introduction of a Policy on Tax on select luxury items
• Increase in Excise Taxes on alcohol and tobacco
• Reforms of pioneer tax incentive regimes
• Broaden tax base and improve revenues (Federal and
State Governments)
• Resulted in the number of taxpayers rising from 13
million to 19 million
.
Time-limited opportunity for tax payers to regularise
tax status (VAIDS)View entire presentation