President Bola Ahmed Tinubu’s Policy Advisory Council has advised that the country declare a state of emergency in terms of revenue production.
Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu, and Dr Doris Anite, members of the Policy Advisory Council, presented the suggestions in a report that was accessed by The PUNCH on Friday.
In its report, the council proposed merging the Federal Inland Revenue Service (FIRS), the Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Safety Agency (NIMASA) into the Nigerian Revenue Service (NRS) to allow for the efficient collection of all direct and indirect taxes, as well as levies, on behalf of the Federal Government.
JUST IN: Tinubu Receives Asari Dokubo And Others At State House
According to the National Economy Subcommittee, the policy will be helped by the approval of an Emergency Economic Reform Bill, which will provide the President special powers to drive the economic reform agenda and promote the delivery of sustainable and inclusive economic growth.
The council also outlined the elimination of fuel subsidies, the sale or concession of select government assets, the transition to a transparent and unified foreign exchange rate system, the deepening of tax collection, and the optimization of operating expenditure to reduce costs as targets to be pursued by the President in order to meet some milestones within the first 100 days in office.
According to the council’s findings, adjustments at the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limitations will help achieve N1 trillion in GDP growth and over 50 million jobs for residents in eight years.
The 90-page document also stated that CBN changes will help reach roughly $50 billion to $60 billion in external reserves, with a monthly inflow of at least $6 billion to $8 billion from export profits and other types of capital inflow, to support policy at an exchange rate of N500-N600 per dollar.
Bola Tinubu: Something New Is About To Happen – Pastor Adefarasin
The council advocated on fiscal measures to be pursued, including the need to attain a domestic refining capacity of two million barrels per day while creating economic opportunity for host towns.
They also proposed one-time Personal Income Tax reliefs for low-income earners for up to a year as non-cash palliatives to mitigate the impact of the withdrawal of gasoline subsidies.
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.
LATEST: Why Completed Oil Refineries Are Yet To Function – NNPC Explains
“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.”
The Tinubu advisory group also advocated extending the circulation of old naira until December 2024 in order to address the cash shortage scenario if necessary.
The council proposed a 5% monthly gradual withdrawal of old notes and replacement with new notes via 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.”
I Will Sell All The National Oil Refineries To Businessmen, If I Become The President – Atiku
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.”
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.