BREAKING: President Tinubu speaks on borrowing, debt servicing

President Bola Tinubu has vowed to break Nigeria's over-reliance on borrowing for public spending.

He promised to end the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.

The president made the commitment at the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms at the presidential villa in Abuja on Tuesday, August 8.

According to a statement signed by Ajuri Ngelale, the special adviser to the president on media and publicity and sent to Legit.ng, the committee's chairman is Taiwo Oyedele.

President Tinubu then told the committee that the target of his administration was to achieve an 18% tax-to-GDP ratio within three years while urging them to increase the revenue profile and business environment in Nigeria.

The committee was directed to achieve a one-year mandate divided into three main areas. The main areas are growth facilitation, fiscal governance, and tax reforms.

President Tinubu directs MDAs to cooperate with tax reform committees

According to the statement, the President also directed all government ministries and departments to fully cooperate with the committee in achieving their mandates.

While reminding the committee of its significance, President Tinubu said his administration bears the burden of expectations from citizens who only wanted the government to improve their lives.

The statement partly reads: "We cannot blame the people for expecting much from us. To whom much is given, much is expected. It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda."