Economy

No Plan to Increase Taxes—FG

Published

9 years ago

15/02/2017

Dipo Olowookere

By Dipo Olowookere

Minister of Budget and National Planning, Mr Udoma Udo Udoma, has disclosed that the Federal Government does not have any intention to increase taxes but is working towards increasing its internally generated revenue through the broadening its tax base.

Mr Udoma made this disclosure while responding to a comment by Senator Ben Bruce at the public hearing of the Joint Session of the National Assembly on the 2017 Budget.

The Minister said “a view has been expressed that we should not increase taxes, that we should broaden tax collection instead, that is precisely what is in the budget.”

Senator Bruce had given the impression that the Federal Government was about to increase taxes, a development he said will further worsen the economic fortunes of individuals and businesses, but the Minister said “there is no increase in VAT, there is no increase in company’s income tax, there is no increase at all in taxes, but people who are not paying taxes must be made to pay.

“So the idea is to increase revenue by broadening the tax base, not by increasing taxes.”

Some economic experts who spoke at the session had advocated government spending its way out of recession, partnering the private sector to speed up growth, planning for sustainable development, working with the state governments for integrated development, involving relevant experts and consulting widely in planning, monitoring and evaluation projects, among others.

The Minister told the gathering, which also included Civil Society Organizations and private sector operators, that virtually all the views expressed by the speakers have been captured in the 2017 Budget.

“The concerns that have been expressed are reflected in the budget. The need to spend our way out of recession is reflected in the budget. The need to spend in a way that will attract private sector spending is also reflected in the budget.

“Indeed, the thrust of the budget is to partner with private and development capital to leverage and catalyse resources for growth,” Mr Udoma stated.

He said government realized that public resources cannot be enough to drive the development process which is why the 2017 Budget is directed at catalyzing private sector resources and using PPP for a number of projects.

“If you look at housing we are putting in N100 billion but we are expecting another N900 billion from the private sector. If you look at the EPZ, we are putting in N50 billion but we are expecting a huge injection of funds from the private sector.

“So, this budget is aimed at achieving economic growth, aimed at achieving diversification, aimed at improving our competitiveness, aimed at improving ease of doing business, aimed at creating more jobs and social inclusion, and aimed at improving governance and security.”

According to him, the spending is targeted at areas that have quick transformative potentials such as infrastructure and agriculture, manufacturing, solid minerals, services and so on. The Minster pointed out that the present government believes in planning.

“When we came in, we came out with a document – the Strategic Implementation Plan for the 2016 Budget of Change. We set out short term plans for one year. We started working on a longer term plan for four years 2017 -2020; and that involved extensive consultation”.

On partnership with State governments, the Minister told the audience that the Federal Government has consulted severally with State governors and with Commissioners of Planning in all the states.

“We are working closely with the States. We even organized a Retreat in February 2016 with all the States. In all our initiatives we are working with the States.

“On Agriculture we are working with the States; we even have task forces that involve State governors. So, we are working together with the States.”

Speaking on the Economic Recovery and Growth Plan, Senator Udoma said government consulted the private sector extensively.

“Indeed, just last week we met twice with captains of industry and members of the private sector to sit down and expose the plan to them and get their input.

“We are going to Council soon and subsequently the plan will be launched before the end of the month“.

The Minister said because government has bold plans which are tailored towards pulling the country out of recession, investors are changing their attitude towards Nigeria.

“People have heard of our plans; they have seen the plan because we have had extensive consultations with our development partners – with the World Bank, with IMF, with UNDP.

“They have all been exposed to our plan and we have shown them what we are determined to do, that is why people are believing in Nigeria and investing in the Eurobond.”

He was emphatic that government has a clear vision and is on a determined path to get the economy out of recession.

“We are determined thereafter to begin to go back to the path of growth, a more diversified growth, not depending just on crude oil. We want to stimulate our manufacturing sector, we want to stimulate agriculture; so we have a coherent, cohesive plan.”

The Minister of State, Mrs Zainab Ahmed said government is determined to ensure that Nigerians experience inclusive growth this time around “which is why we have the social intervention programme.

“The social intervention programme took off fully in October 2016 and all the four components of the SIP have now been rolled out in their first Phases and we are scaling up on a monthly basis,” she said.

She added that the programme will benefit greatly from the support of the National Assembly to be able to ensure that the benefits are distributed equitably and that no needy citizens are missed out.

Economy

Nigeria Bans Wood, Charcoal Exports, Revokes Licenses

Published

2 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.

The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.

Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.

“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.

The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.

Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.

On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.

“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”

The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.

Economy

Unlisted Securities Bourse Appreciates 0.24% Midweek

Published

3 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.

In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.

The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.

MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.

On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.

Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.

InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

NGX All-Share Index Nears 150,000 Points After 0.26% Growth

Published

3 hours ago

18/12/2025

Dipo Olowookere

By Dipo Olowookere

A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.

This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.

But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.

Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.

The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.

The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.

Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.

The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.

Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.

At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.