Pakistan is advancing a major economic restructuring agenda that includes the privatization of 24 state-run enterprises and a comprehensive digital overhaul of its tax system.
According to an official report today, the details of such agenda were shared with a Nigerian fiscal commission seeking insights for its own national reforms in a meeting in Islamabad. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with a 13-member delegation from Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by Federal Commissioner Barrister Imo Effiong Akpan.
Barrister Akpan explained that the group is on a study tour to inform Nigeria’s ongoing review of its national revenue distribution formula. The visit aims to draw lessons from Pakistan’s experience in tax administration, resource management, and federal revenue sharing mechanisms.
In the meeting, Senator Aurangzeb apprised the delegation of a wide-ranging reform program, highlighting the government’s push to broaden the tax base through end-to-end digitization and transition the Federal Board of Revenue (FBR) into a new Pakistan Revenue Authority, a transformation being directly supervised by the Prime Minister.
The finance minister detailed progress in tackling the energy sector”s circular debt through cost-reflective tariffs and governance improvements. He also outlined the restructuring of state-owned enterprises (SOEs), confirming that 24 entities have already been transferred to the Privatization Commission as part of a move toward a holding company structure and accelerated privatization.
Further measures to ensure long-term fiscal sustainability, including pension reforms and the rationalization of government expenditure, were also presented to the Nigerian officials.
Aurangzeb described what he termed as improvements in key macroeconomic indicators over the past 18 months, noting increased stability in the external account, moderated inflation, and enhanced market confidence, which he attributed to sustained engagement with international financial institutions.
Responding to queries, the minister emphasized Pakistan”s strategic shift toward private-sector-led growth and the government’s commitment to creating an enabling regulatory environment with reduced state intervention. He also explained Pakistan”s bi-monthly federal revenue distribution process, which is guided by constitutional frameworks.
The finance minister assured the delegation of Pakistan’s readiness to continue knowledge exchange and institutional collaboration, reaffirming a focus on advancing business-to-business cooperation in sectors such as mining and renewable energy.
Barrister Akpan conveyed his appreciation for the engagement and affirmed Nigeria’s intention to incorporate the insights gained during the visit into its national policy review.