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The Founder of the Centre for the Promotion of Private Enterprise and former Director General of the Lagos Chamber of Commerce and Industry (LCCI),Dr. Muda Yusuf, expressed concerns about the projected revenue of approximately N18 trillion for the 2024 budget.
He highlighted the threat posed by declining oil output and escalating debt during Nairametrics’ Q3 Microeconomic Outlook Webinar titled ‘Renewed Hope or Reality Check’.
Yusuf emphasized that the country's debt-to-GDP ratio, which was previously below 50%, is now approaching that threshold, raising worries about debt servicing.
He also acknowledged the efforts made by the Bola Tinubu administration in addressing tax and fiscal reforms, particularly through the establishment of the Presidential Committee on Tax Reforms.
He anticipated improvements in tax revenue through the use of technology to enhance collection, and noted the fiscal consolidation efforts in the first six months of the administration, which aimed at optimizing revenue and reducing expenditure.
