NIGERIA TO IMPROVE ITS NON-OIL REVENUE SOURCES

 

The Federal Executive Council (FEC) has today approved reforms to beach up the non-oil revenue to N3.8 trillion and oil revenue to N160 billion yearly.

Prior to this meeting the council has officiated  the sum of N939 million as  complement money  for  urban water supply enhancement as provided by the  National Water Supply and Sanitation Policy.

The meeting that was spearheaded by the Vice President Prof. Yemi Osinbajo as a result of President Muhammadu Buhari’s work visit to Portugal, also discussed how the reforms may improve Government’s economics particularly the non-oil revenue sector, beside many issues.

During the Federal Executive Meeting the Minister of Finance, Budget and National Planning has offered a letter on Accelerating Revenue Mobilization Reforms which is similar to that of the Federal Government’s Strategic Revenue Growth program.

According to Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, the initiative has been a success especially in the areas of Value Added Tax (VAT) increasing from 5% to 7% in three years time. Also part of the motive is to tackle financial challenges of the Federal Government by improving the country’s non-oil revenue anticipated to be about N3.8 trillion every year annually  and N160 billion for oil revenue.

Akande said the Attorney-General of the Federation also presented a note on the acquiesce of Nigeria to Cyber Crime as contained in the Budapest Convention, made to be a inclusive national legislation against cyber crime domestically and trans-nationally.

Speaking on  Gombe state regional water supply project which was under the Nigeria National Water Resources, Minister for Water Resources also presented a paper on  execution of Federal Government’s module for rehabilitation and  and advancement of the project.