• Home
  • National News
  • Education
  • Health
  • Crime
  • Opinions
  • Politics
  • World News
  • Niger State Governor
  • Sports
  • Business
Nigerian Daily Post
  • Home
  • National News
  • Education
  • Health
  • Crime
  • Opinions
  • Politics
  • World News
  • Niger State Governor
  • Sports
  • Business
No Result
View All Result
  • Home
  • National News
  • Education
  • Health
  • Crime
  • Opinions
  • Politics
  • World News
  • Niger State Governor
  • Sports
  • Business
No Result
View All Result
Nigerian Daily Post
No Result
View All Result

Economic Advisers Seek Customs, NIMASA, FIRS Merger… Presidency 

admin by admin
June 16, 2023
in National News
0
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter
For advert placement, News publication, Event coverage and Promotions, call +2349012892630 or email us info@nigeriadailypost.com.ng

Economic Advisers Seek Customs, NIMASA, FIRS Merger… Presidency
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.

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 (chair), Dr Yemi Cardoso, Sumaila Zubairu and Dr Doris Anite. A copy of the report submitted by the panel was obtained 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-$8bn from export earnings and other forms of capital inflow, to support the policy at an exchange rate of N500-N600/$.

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.

The advisory read, “Ramp up production capacity to four million barrels from offshore and onshore assets within four years and grow crude oil revenue and savings into ECA and NSIA.

“Formalise illegal refineries and encourage modular refineries to create economic opportunity for the host communities.

“Aggressively grow domestic refining capacity to 2 million barrels per day in the next 8 years, including modular refineries.

Other fiscal recommendations proposed include, “a policy directive that ensures proceeds from the sale of assets to settle existing FGN debt obligations.

“List shares of strategic and profitable NNPC subsidiaries. Privatise, concession or sell down FGN’s stake in corporate assets to partners and other investors (possibly with a buyback option) to generate liquidity in the short to medium terms (focus on sub-optimal assets e.g., NNPCL refineries).

“Leverage blockchain to create and provide access to a Government land registry and regionalise and concession the power transmission grid.”

Furthermore, the advisory council proposed the extension of old naira circulation till December 2024 in order to resolve the cash shortage situation, if required.

It also advised a five per cent monthly gradual removal of the old notes and replacement with new notes through the deposit money banks.

They said, “Extend the December 31st, 2023 deadline to December 31st, 2024 (if required), and bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5 per cent to solve cash shortage.

“The policy added, ” To transform Nigeria to become Africa’s most efficient trading nation, decongest the area up to 4km around the ports and designate them for cargo, roads and railway, enforce the Presidential directive on 48hr clearance of goods at seaports in line with Executive Order 001, redefine the performance measures of key agencies of government to emphasise trade facilitation and set up a whistle-blowing mechanism that enables and empowers transporters to report and escalate issues with the various authorities while transporting food and other critical items.”

Visited 8 times, 1 visit(s) today

For advert placement, News publication, Event coverage and Promotions, call +2349012892630 or email us info@nigeriadailypost.com.ng
Previous Post

Ex-JAMB Boss $150,000 Scam: ICPC Arraigns Ex-JAMB Registrar, Ojerinde, Children

Next Post

Niger Intending Pilgrims assures of timely Airlift to the Holy land

admin

admin

Related Posts

leading to chaos and a lack of discipline within the party.
National News

2027: PDP Joins Coalition Against Tinubu.

July 2, 2025
NIPR Niger State Chairman Congratulates Secretary to the State Government on His Birthday
National News

NIPR Niger State Chairman Congratulates Secretary to the State Government on His Birthday

July 1, 2025
Prestige FM Radio Minna Donates Relief Material to Mokwa Flood Victims
National News

Prestige FM Radio Minna Donates Relief Material to Mokwa Flood Victims

June 30, 2025
Governor Umar Bago Mourns Alhaji Aminu Dantata.
National News

Increased Harvests Lead to Significant Drop in Bean Prices

June 30, 2025
Governor Umar Bago Mourns Alhaji Aminu Dantata.
National News

Governor Umar Bago Mourns Alhaji Aminu Dantata.

June 30, 2025
Governor Umar Bago Mourns Alhaji Aminu Dantata.
National News

Governor Umar Bago Mourns Alhaji Aminu Dantata

June 28, 2025
Next Post

Niger Intending Pilgrims assures of timely Airlift to the Holy land

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 139 Followers
  • 205k Subscribers
  • 23.9k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Minimum wage : Gov. Bago directs full  implementation using Fed Govt. template. 

Minimum wage : Gov. Bago directs full  implementation using Fed Govt. template. 

November 3, 2024
Niger State Govt. commences payment of gratuities to Retirees.

Niger State Govt. commences payment of gratuities to Retirees.

May 22, 2025
Gov. Bago Sympathizes with Nigeria Army,reassures to curb insecurity in the State. 

Farmer Governor Umar Bago to increase workers salary by 35 percent – insider source

December 22, 2024
Four hundred level Student of IBBUL brutally attacked by her Ex-boy friend,damaged her eyes.

Four hundred level Student of IBBUL brutally attacked by her Ex-boy friend,damaged her eyes.

February 23, 2025

White Ribbon Alliance Nigeria is bringing Self-care closer to Niger state communities

0

NUT Niger state branch Felicitate Emir of Kagara on his presentation of staff of Office and Coronation.

0

Niger CJ to Introduce Case filtering system as way to Deconjesting Magistrates Courts, Disclosed at 2022 MAN WEEK

0

Fed High Court Minna has declared Hon Badaru as the Authentic APC State Assembly candidate for Suleja.

0
leading to chaos and a lack of discipline within the party.

2027: PDP Joins Coalition Against Tinubu.

July 2, 2025
students and staff, and enhanced access control systems on campus.

Niger State Governor Commits to Enhancing Security and Development at IBBU Lapai.

July 1, 2025
Niger Speaker Condemns Killing of Soldiers in Recent Bandit’s Attack, Declares His Constituency is Under Siege

Niger State Assembly Urges Immediate Action on Critical Road Repairs.

July 1, 2025
Reps to Host Inaugural National Policy Dialogue on the 10th House Legislative Agenda

Niger State House of Assembly Moves to Enhance Security and Infrastructure at IBBU Lapai.

July 1, 2025

Recent News

leading to chaos and a lack of discipline within the party.

2027: PDP Joins Coalition Against Tinubu.

July 2, 2025
students and staff, and enhanced access control systems on campus.

Niger State Governor Commits to Enhancing Security and Development at IBBU Lapai.

July 1, 2025
Niger Speaker Condemns Killing of Soldiers in Recent Bandit’s Attack, Declares His Constituency is Under Siege

Niger State Assembly Urges Immediate Action on Critical Road Repairs.

July 1, 2025
Reps to Host Inaugural National Policy Dialogue on the 10th House Legislative Agenda

Niger State House of Assembly Moves to Enhance Security and Infrastructure at IBBU Lapai.

July 1, 2025

Follow Us

Browse by Category

  • Business
  • Crime
  • Education
  • Health
  • National News
  • Niger State Governor
  • Opinions
  • Politics
  • Sports
  • Uncategorized
  • World News

Recent News

leading to chaos and a lack of discipline within the party.

2027: PDP Joins Coalition Against Tinubu.

July 2, 2025
students and staff, and enhanced access control systems on campus.

Niger State Governor Commits to Enhancing Security and Development at IBBU Lapai.

July 1, 2025
  • Home
  • National News
  • Education
  • Health
  • Crime
  • Opinions
  • Politics
  • World News
  • Niger State Governor
  • Sports
  • Business

© 2024 All Rights Reserved

No Result
View All Result
  • Home
  • National News
  • Education
  • Health
  • Crime
  • Opinions
  • Politics
  • World News
  • Niger State Governor
  • Sports
  • Business

© 2024 All Rights Reserved