Fidelity bank banner Camano banner
FG rules out tax increase but says those not paying taxes ‘must be made to pay’

By News Express on 14/02/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 969

•Senator Udo Udoma.
•Senator Udo Udoma.

The Federal Government does not have any intention of increasing taxes but is working towards increasing its internally generated revenue through the broadening of its tax base.

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 of Budget and National Planning, Senator Udoma Udo Udoma 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 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 Organisations 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.”

He said government realised that public resources cannot be enough to drive the development process which is why the 2017 Budget is directed at catalysing 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 organised 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,” he said.

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.

Source News Express

Posted 14/02/2017 11:44:24 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
BREAKING NEWS: 30 football fans electrocuted in Calabar...

Soldiers/Shiites Clash: Army to testify before Commission on...

Rooney edging closer to setting new record

Buhari to sign 2018 budget next week

Subscriber losses take toll on MTN

FG suspends law that forced Adeboye’s aborted retirement...

Amosun urges prompt, regular tax payment for meaningful...

Air Force fighter jets rain bombs on Boko...

Sacred Cow: EFCC refusing to investigate hot petition...

DSTV: Court rejects Adegboruwa’s move to join plaintiffs...

I am the best for Ughelli and Udu...

NPC/AMNETT New Media Confab holds today

 

Latest News We can make 100-year-old woman pregnant — Nigerian fertility expert 2019: Cash crunch hits APC, PDP Electoral Act: Buhari has hidden agenda — Afenifere Kidnappers lay siege to Katsina Angry workers to shut down National Assembly on Monday Buhari talks tough, says time has come to wipe out terrorism Pastor buys $200,000 Lamborghini car for wife Police chief reads riot act to politicians on electioneering campaigns 2019: Otti vows to retrieve, reconstruct Abia Lagos women march against sexual harassment in markets Imams encouraging corruption — Customs Boss Hameed Ali Port congestion: NPA MD tasks terminal operators, shipping firms, others

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,651 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,322 views) Shameless Genevieve Nnaji exposes breasts in public (328,181 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (282,361 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,204 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,444 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,382 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,567 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (180,047 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,691 views) Lagos plane crash: Journalist releases victims’ names (167,435 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,890 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,883) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (313) International (2,835) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,480) Opinion (1,153) Pidgin (13) Politics (8,196) Religion (917) Sports (1,823) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera