Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

The Street Reporters Newspaper

…Breaking News with Integrity!

Adsense

SENATOR ASIWAJU BOLA AHMED TINUBU
News

Tinubu’s Economic Advisers Propose Customs, NIMASA, FIRS Merger

Spread the love

President Bola Ahmed Tinubu Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country.

The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order to enable an efficient collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government.

According to submissions made by the National Economy Sub-Committee, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

ALSO READ  XpressRide Launches in Nigeria, Promises Jobs in Country’s 774 LGAs

The council further outlined the removal of fuel subsidy, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (Chairman), Dr Yemi Cardoso, Sumaila Zubairu and Dr Doris Anite.

ALSO READ  Oborevwori Congratulates New NUJ President, Alhassan Yahaya

A copy of the report submitted by the panel was sighted by our correspondent on Friday.

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

The 90-page document further proposed that reforms in the CBN will help achieve about $50bn-$60bn in external reserves, with a monthly inflow of at least $6bn-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

ALSO READ  Elon Musk Reclaims World's Richest Person Title, Surpassing South Africa's GDP

On fiscal policies to be implemented, the council advised on the need to achieve a domestic refining capacity of two million barrels per day, while creating economic opportunity for the host communities.

They also proposed one-off Personal Income Tax reliefs for low-income earners for up to one year as non-cash palliatives to cushion the effect of fuel subsidy removal.

StreetReporters.ng

This post has already been read at least814 times!

The Street Reporters Newspaper is reliable latest news portal and publishes opinions, business news, politics, and sports news from Nigeria and the world. Tel: +2348175047979

Discover more from The Street Reporters Newspaper

Subscribe now to keep reading and get access to the full archive.

Continue reading