By Dipo Olowookere
Federal government has disclosed that though the nation’s fiscal terrain remains challenging, there has been an improved revenue generation by 40 percent in third quarter of 2018.
Speaking recently at the quarterly world press conference in Abuja, Minister of Finance, Mrs Zainab Ahmed, said this performance was unsatisfactory to government’s revenue targets of 53 percent set for 2018.
“I have directed that action on all our revenue initiatives be expedited,” the Minister told newsmen at the event.
During the press conference, Mrs Ahmed addressed the challenges posed by the global market trends, Nigeria’s macro-economic landscape.
She said inflation rate has improved from a high of 18.7 percent in 2017 to 11.28 percent in 2018, with the foreign reserves increasing to $42.49 billion from $28.3 billion.
She further said eight tax tribunals that will accelerate the resolution of 209 pending cases relating to tax revenues.
According to her, through this tax dispute resolution mechanism, government hopes to reduce incidences of tax evasion and improve payers’ confidence.
“By automating many of our revenue collection agencies including the Nigerian Customs Service and the Federal Inland Revenue Service, Federal Government was able to shore up revenue,” she said.
Mrs Ahmed said, “I intend to continue championing digitalization transformation initiatives and President Muhammadu Buhari’s administration has implemented several initiatives targeted at recovery, like the whistleblower unit that recovered N8.5 billion and $465 million, VAIDs that recovered N35 billion amongst others.”
“In support of healthcare, the federal government has initiated three projects like the two modern medical diagnostic centers in Kano and Umuahia respectively, and one outpatient cancer treatment center in Lagos State.
“To support SMEs, agriculture, mortgage on homes and aviation, the President Buhari’s administration has released funds for Government Enterprise and Empowerment Programme (GEEP), and CBN Anchor Borrowers Programme for agricultural inputs.
“President Buhari’s administration has provided budget support to states and has provided funding for the execution of critical infrastructure through Presidential Infrastructure Development Fund (PIDF),” she added.
Adedapo Adesanya