Driving Economic Growth Through Legal Innovations

Nigeria is facing enormous economic challenges and needs massive revenue to meet existing obligations. The population is outgrowing the economy and critical steps are necessary to deal with revenue failure. The public sector contributes little in terms of revenue but can contribute a lot in terms of policy enablers – ease of doing business, legal innovations etc. what follows are legal/policy innovations on how government can generate revenue.

Last year Nigeria made ?970.3 Billion from oil, ?1.6 Trillion from non-oil taxes, and ?2.8 Trillion from a cumulative of other sources. In total the country brought in ?5.5 Trillion in revenue. Out of that ?5.5 Trillion revenue, ?4.2 Trillion was spent on servicing (repaying) debts from January to November. What was left after paying debts was ?1.3 Trillion. If you recall, the 2021 national budget was N13.57 trillion. This meant we had barely N1.3 trillion to run the country and needed an extra ?12.27 trillion. Where did we