Former Senate President Bukola Saraki has said Nigeria must strengthen fiscal accountability, improve tax collection, and reduce its dependence on foreign aid and external borrowing to achieve sustainable economic growth.
Speaking at the Global Strategic Advisory Group meeting in Villa La Collina, Lake Como, Italy, on Tuesday, Saraki said Nigeria’s tax-to-GDP ratio of about six per cent is among the lowest in the world for an economy of its size, describing it as a major obstacle to development.
Reflecting on his tenure as Senate President from 2015 to 2019, he said the Eighth National Assembly promoted fiscal oversight through open budget hearings, rigorous scrutiny of government revenues, and reforms in the petroleum sector.
He added that the legislature also subjected foreign loan requests to thorough scrutiny to ensure accountability.
Saraki argued that many external loans had been treated as “free gifts” despite their long-term repayment obligations, stressing that stronger legislative oversight was necessary to protect the country’s economic interests.
He noted that while Sub-Saharan Africa records an average tax-to-GDP ratio of about 15.6 percent and OECD countries average 34 percent, Nigeria remains far behind. According to him, the situation reflects political decisions that can be reversed through effective leadership.
The former Senate President urged African countries to strengthen domestic resource mobilisation, build transparent institutions, and pursue development through trade, industrialisation, innovation, and value addition rather than relying on foreign assistance.
He also called for the accelerated implementation of the African Continental Free Trade Area, increased investment in education and youth development, stronger legislative oversight, credible elections, and improved fiscal accountability to support long-term economic growth across the continent.
