FG Moves To Raise Nigeria’s Oil, Non-Oil Revenue Potential

The Federal Government has revealed plans to velocity up the country’s earnings mobilization reforms.

The disclosure became as soon as made the old day quickly after the Federal Government Council presided over by Vice President Yemi Osinbajo, Kumornews understands.

Speaking with Relate Home correspondents after the FEC meeting the old day, the Senior Particular Assistant to the Vice President on Media and Publicity, Laolu Akande, acknowledged the federal government by capacity of the brand new earnings boost plan, is aiming to yearly generate N3.8tn and N160bn from non-oil and oil ventures respectively.

Akande who briefed the click on behalf of the Minister for Finance, Budget and Nationwide Planning, Zainab Ahmed, acknowledged “Amongst several of the memos presented on the brand new time, became as soon as the one by the Minister for Finance, Budget and Nationwide Planning on accelerating earnings mobilisation reforms, which is a spinoff of the Federal Government’s strategic earnings explain initiative. The essential development that has been made on this initiative entails the elevating of the VAT from 5 per cent to 7 per cent and various measures since 2019.

“This particular initiative is something that is supposed to handle a few of the fiscal challenges of the Federal Government because it is meant to elevate Nigeria’s non-oil earnings doable and oil earnings doable so it is estimated, however with the implementation of this reform, it may per chance per chance per chance well consequence in a doable extra non-oil earnings and oil earnings technology of N3.8tn and N160bn yearly. That is N3.8tn elevate yearly for non-oil earnings and N160bn for oil earnings.”