In a bid to bolster revenue from sources beyond the oil sector, the Nigerian government has announced plans to introduce an emergency economic bill. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this development during a presentation at the Lagos Business School (LBS) Breakfast Club on Monday.
The proposed bill aims to expand the tax base, enhance compliance, automate excise tax processes, review tax exemptions and duty waivers (equivalent to 1% of GDP), and recalibrate incentive structures, as detailed by Minister Edun. These measures signal a concerted effort to diversify revenue streams and reduce dependence on oil revenue.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, highlighted the significance of the proposed legislation, emphasizing that efficient management of non-oil assets could potentially generate N10 trillion annually for Nigeria. Oyedele underscored that despite non-oil assets estimated to be between N80 trillion and N100 trillion, they have not received adequate attention and are subject to mismanagement.
The announcement of the emergency economic bill reflects the government's commitment to fostering economic resilience and sustainability by harnessing the full potential of Nigeria's non-oil sectors. With the proposed reforms, the government aims to create a more conducive environment for revenue generation and economic growth beyond the oil industry.
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