An expert with PwC, Taiwo Oyedele, has urged the government to explore an inclusive economic growth that would concentrate on taxes, lessen the financial burden on SMEs, and raise the tax base of upper middle-class institutions, particularly MDAs.
Oyedele, a Fiscal Policy Partner and Africa Tax leader at PwC who disclosed this at the weekend, said more people are falling into poverty because Nigeria’s growth is not inclusive.
“GDP growth is under 2 per cent in ten years, and population growth has maintained at 3 per cent. This means every day more people are falling into poverty. Growth rate is not inclusive.”
He also mentioned that rising inequality needs to be taken into account, warning that if nothing is done, Nigeria may end up like Sri Lanka.
He warned that some households with employment are spending most of their household income on food, as the food inflation rate continues to rise.
