FG launches SRGI 2.0, as it targets revenue to GDP of 15% by 2023

The Federal Government is currently working on the second phase of the Strategic Revenue Growth Initiative (SRGI 2.0) as well as driving towards achieving a target revenue to GDP of 15% by 2023.

This was disclosed by the Minister of Finance, Dr. Mrs. Zainab Shamsuna Ahmed during her presentation at the virtual event of the Nigerian Economic Outlook 2021 hosted by Deloitte Nigeria.

The Strategic Revenue Growth Initiative (SRGI) was launched last year by the federal government for identifying and exploiting sources that would largely boost and diversify the revenue base of the country.

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According to Dr. Ahmed, the second phase of the initiative (SRGI 2.0) has become imperative having reviewed strategies, identified challenges and as well as re-assessed the prospects and opportunities in pursuing the objectives.

READ: Nigerian customs records N1.3trillion revenue in 2019, exceeds target by N404billion 

In her own words,

• “SRGI 2.0 involves a top-down approach that is driven by enhanced data and technology to complement a bottom-up approach aimed at improving operational efficiencies.
• “We are willing and available to partner with all states governments yet to join on this transformative journey.”

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The Honorable Minister of Finance outlined 3 key thematic areas covered by the SRGI as achieving sustainability in revenue generation, identifying new and enhancing the enforcement of existing revenue streams, as well as achieving cohesion in the revenue ecosystem (people and tools).

READ: FG identifies initiatives to grow revenue

What you should know

• Through this strategic initiative, the government intends to build and strengthen sustainable revenue generation systems through the application of the right incentives, safeguards and performance management systems.
• There are several initiatives under the SRGI with the revenue generation and enhancement potential, which are to be closely monitored using data-driven performance management to achieve the results and set targets.
• FG is favourably disposed to partnering with interested states ministries of Finance and states revenue generating agencies in achieving the set target revenue to GDP of 15% by 2023.