The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has unveiled the federal government’s strategic initiative for a robust revenue generation that would meet the federal government’s N10. 74 trillion target, with which to fund the 2022 budget.
She said at the federal government’s 2022 Budget Public Presentation, in Abuja, on Wednesday, that revenue generation remained the major fiscal constraint of the federal government and that her team would vigorously pursue the administration’s Strategic Revenue Growth Initiatives to improve its fiscal position in the year.
According to her, “Several measures are being instituted under the Administration’s Strategic Revenue Growth Initiatives to improve government revenue and entrench fiscal prudence with emphasis on achieving value for money.”
Some of the specific actions under the initiatives, Mrs. Ahmed said would include, “Evaluation of the process and policy effectiveness of Fiscal Incentives, including the review of sectors eligible for Pioneer Tax Holiday Incentives under the Industrial Development Income Tax Relief Act; dimensioning the cost of tax waivers/concessions, and evaluating their policy effectiveness; setting annual ceilings on Tax Expenditures to better manage their impact on already constrained government revenues; and ensuring that MDAs appropriately account for and remit their internally-generated revenue.”
Besides, the minister said that her team would identify and plug existing revenue leakages to enhance tax compliance and reduce tax evasion, as well as, leverage technology and automation to eliminate fiscal drainers like subsidies.
