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FEC Approves Reforms To Bolster Non-Oil Revenue To N3.8trn Yearly

Reforms have been authorized by the Federal Executive Council (FEC) to increase non-oil revenue to N3.8 trillion and oil revenue to N160 billion annually.

After the FEC meeting on Wednesday at the Presidential Villa in Abuja, Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, briefed State House reporters.

Since President Muhammadu Buhari is in Portugal on a state visit, Vice President Yemi Osinbajo presided over the meeting.

According to Mr. Akande, the measures will improve the federal government’s finances, particularly non-oil earnings.

“Among several of the memos presented was the one by the Minister of Finance, Budget and National Planning on Accelerating Revenue Moblisation Reforms, which is a derivative of Federal Government’s Strategic Revenue Growth Initiative.

“The significant progress that has been made in that initiative includes the raising of the Value Added Tax (VAT) from five per cent to seven per cent and other measures since 2019.

READ MORE: Osinbajo Blames Tensions In Nigeria On Religious Leaders

“This particular initiative is something meant to address some of the fiscal challenges of the federal government as it is intended to raise Nigeria’s non-oil revenue potential.

On June 29, 2022, at the Statehouse in Abuja, Vice President Yemi Osinbajo SAN presided over the Federal Executive Council Meeting.

“So, it is estimated that with the implementation of this reform, it would result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion annually for non-oil revenue and N160 billion for oil revenue,’’ he said.

He said that the Attorney-General of the Federation had also delivered other important letters, one of which dealt with Nigeria’s approval of the Budapest Convention on Cyber Crime.

He claims that the convention serves as a foundation for both technical aid and international collaboration between state parties to it and is a comprehensive national law against cybercrime.

“The Minister for Water Resources also presented a memo for the implementation of federal government’s component for the execution of rehabilitation, expansion and upgrading of Gombe regional water supply project under the Nigeria National Water Resources.

“And the council approved the sum of N939 million which has been provided for in the 2022 budget as a counterpart fund for this urban water supply improvement in line with the National Water Supply and Sanitation Policy,’’ Mr Akande said.

(NAN)

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Reforms have been authorized by the Federal Executive Council (FEC) to increase non-oil revenue to N3.8 trillion and oil revenue to N160 billion annually.

After the FEC meeting on Wednesday at the Presidential Villa in Abuja, Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, briefed State House reporters.

Since President Muhammadu Buhari is in Portugal on a state visit, Vice President Yemi Osinbajo presided over the meeting.

According to Mr. Akande, the measures will improve the federal government’s finances, particularly non-oil earnings.

“Among several of the memos presented was the one by the Minister of Finance, Budget and National Planning on Accelerating Revenue Moblisation Reforms, which is a derivative of Federal Government’s Strategic Revenue Growth Initiative.

“The significant progress that has been made in that initiative includes the raising of the Value Added Tax (VAT) from five per cent to seven per cent and other measures since 2019.

READ MORE: Osinbajo Blames Tensions In Nigeria On Religious Leaders

“This particular initiative is something meant to address some of the fiscal challenges of the federal government as it is intended to raise Nigeria’s non-oil revenue potential.

On June 29, 2022, at the Statehouse in Abuja, Vice President Yemi Osinbajo SAN presided over the Federal Executive Council Meeting.

“So, it is estimated that with the implementation of this reform, it would result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion annually for non-oil revenue and N160 billion for oil revenue,’’ he said.

He said that the Attorney-General of the Federation had also delivered other important letters, one of which dealt with Nigeria’s approval of the Budapest Convention on Cyber Crime.

He claims that the convention serves as a foundation for both technical aid and international collaboration between state parties to it and is a comprehensive national law against cybercrime.

“The Minister for Water Resources also presented a memo for the implementation of federal government’s component for the execution of rehabilitation, expansion and upgrading of Gombe regional water supply project under the Nigeria National Water Resources.

“And the council approved the sum of N939 million which has been provided for in the 2022 budget as a counterpart fund for this urban water supply improvement in line with the National Water Supply and Sanitation Policy,’’ Mr Akande said.

(NAN)

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