Sidebar

Exclusive Reports

28
Thu, Mar

FEC Approves Reforms To Boost Revenue From Oil, Non-Oil Sectors

Featured
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

The Federal Government through the Federal Executive Council (FEC) has approved reforms to annually generate N3.8tn and N160bn from non-oil and oil sectors respectively. This was disclosed to State House Correspondents on Wednesday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande after the Council's meeting which was presided over by Vice President, Yemi Osinbajo.


Akande said, "Amongst several of the memos presented today, was the one by the Minister for Finance, Budget and National Planning on accelerating revenue mobilization reforms, which is a derivative of the Federal Government's strategic revenue growth initiative. The significant progress that has been made includes the raising of the Value Added Tax (VAT) from 5 percent to 7 percent and other measures since 2019.

"This particular initiative is something that is meant to address some of the fiscal challenges of the Federal Government as it is intended to raise Nigeria's non-oil revenue potential and oil revenue potential.

"So, it is estimated that with the implementation of this reform, it could result in a potential additional non-oil revenue and oil revenue generation of N3.8tn and N160bn annually".

BLOG COMMENTS POWERED BY DISQUS