FG Plans Emergency Economic Bill to Boost Non-Oil Revenue in Nigeria

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FG Plans Emergency Economic Bill to Boost Non-Oil Revenue in Nigeria

The Federal Government plans to introduce an emergency economic bill to boosts its revenue from the non-oil sector in Nigeria.

This was disclosed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his presentation at the Lagos Business School (LBS) Breakfast Club on Monday.

According to the minister, the federal government is “finalizing an Emergency Economic Bill which will, in part, enhance non-oil revenue.”

More specifically, the new bill will “expand tax base, improve compliance, automate excise tax; review tax exemptions and duty waivers (1% of GDP); and recalibrate incentive structure e.g. post-ante.”

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, recently said that his committee has drafted a new tax regulation, which will amend existing laws.

He said, “We have drafted a new tax regulation. The only reason why it hasn’t been published is that some of the things we included will amend the existing laws, so we put the amendment in the emergency bill waiting for the lawmakers to pass, so we can then issue the regulation.”

Oyedele also noted that Nigeria can easily earn N10 trillion annually via efficient management of its non-oil assets.

He added that the country’s non-oil assets, estimated to be between N80 trillion and N100 trillion, are yet to get sufficient attention and are also being mismanaged.