Says N5.03trn plus additional US$3.4bn released to statesThe Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed, has said that like most economies across the world, the Nigerian economy is challenged on many fronts.
‘’Non-oil revenues continue to outperform oil revenues with Company Income Tax and Value Added Tax as the top performers recording 131.2% and 99.8% of their respective targets’’, the minister explained. According to her, ‘’A total of N5.03 trillion plus an additional US$3.4 billion has been released to states by the federal government over the life of this administration. Each of these payments has distinct repayment terms with some given as grants and others as loans with favourable repayment terms including a long amortisation period.
Asked whether the federal government is considering approaching its lenders for debts cancellation/restructuring or not, the minister said the country doesn’t need to restructure its debts. Highlighting the main achievements of the ministry, Dr Ahmed said it has given support to the domestic revenue mobilisation efforts, saying the Strategic Revenue Growth Initiative was introduced in January 2019.
Under this support, the Minister said that President Buhari has approved 33 Road Projects, covering a total length of 1,564.95 km as of 2021, adding that about N78.7 billion in tax credits have been issued thus far. ‘’The Ministry approved for Nigeria Export – Import Bank to increase its share capital from N121 billion to N500 billion over the next five years.
Source: Financial Digest (financialdigest.net)
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