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| Mrs. Kemi Adeosun, Minister for Finance |
THE Federal Government of Nigeria has earmarked to generate over N1tn non-oil additional revenue to to the national Gross Domestic Products (GDPs) to reduce the deficit and loans in the 2018 budget.
It was reviewed that this additional revenue will include an additional N60bn from duties on cigarettes and alcohol and N2.5bn from “special taxes” on luxury cars.
This lists were detailed in the briefing note on the revised 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF, presented to the National Assembly.
Zainab Ahmad, the Minister of State for Budget and National Planning presented the revised 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF, and FSP to the Senate Joint Committee on MTEF on November 21, 2017.
It was reviewed that this additional revenue will include an additional N60bn from duties on cigarettes and alcohol and N2.5bn from “special taxes” on luxury cars.
This lists were detailed in the briefing note on the revised 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF, presented to the National Assembly.
Zainab Ahmad, the Minister of State for Budget and National Planning presented the revised 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF, and FSP to the Senate Joint Committee on MTEF on November 21, 2017.
Ahmad had at an interactive session told the Senate committee that some adjustments had been made to the MTEF and FSP earlier presented to the National Assembly.
The minister had said the Federal Executive Council in August 2017 approved the 2018-2020 MTEF/FSP which had been presented to the National Assembly for approval.
She added, “When the FEC approved the MTEF/FSP, it constituted a committee chaired by the Minister of Finance (Mrs. Kemi Adeosun) which was tasked with identifying additional sources of about N1tn revenue to cut the 2018 budget deficit and new borrowings.
The outcome of the work of the committee necessitated a revision of the Medium Term Fiscal Framework which also formed the basis of the 2018 budget proposal.”
As detailed in the brief document, the adjustments include “N710bn to be generated from the restructuring of government’s equity in all the Joint Venture oil assets; and N320bn additional revenues from revision of terms to improve government take in the production sharing contracts.”
The Federal Government is also expecting “additional N60bn from excise duties on cigarettes and alcohol.”
Others are N350bn as additional Company Income Taxes expected to result from the Voluntary Assets and Income Declaration Scheme; N100bn from improvements by the FIRS in the collection of Value Added Tax; and N2.5bn from “special taxes on insurance of luxury cars as well as surcharge on luxury goods.”
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As detailed in the brief document, the adjustments include “N710bn to be generated from the restructuring of government’s equity in all the Joint Venture oil assets; and N320bn additional revenues from revision of terms to improve government take in the production sharing contracts.”
The Federal Government is also expecting “additional N60bn from excise duties on cigarettes and alcohol.”
Others are N350bn as additional Company Income Taxes expected to result from the Voluntary Assets and Income Declaration Scheme; N100bn from improvements by the FIRS in the collection of Value Added Tax; and N2.5bn from “special taxes on insurance of luxury cars as well as surcharge on luxury goods.”
In this article: