National
$20bn extra required yearly to achieve 2027 economy target – Edun
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said the country needs to invest 20 billion dollars to achieve the economic targets by 2027.
Edun said this during the citizens and stakeholders engagement on the implementation of presidential priorities and ministerial deliverables for the fourth quarter of 2024, in Abuja on Friday.
He said that the additional 20 billion dollars per year was required to grow the economy by an average of 6.3 per cent in the medium term.
“ We need significantly more growth, an additional 20 billion dollars is the target we need for social infrastructure to facilitate logistics for agriculture,” he said.
Edun said that the government would rely primarily on increased revenue to meet this ambitious target.
He said that there was the need for a robust tax revenue framework to secure the necessary funding, adding that sustainable economic growth hinged on this strategy.
“To achieve this target and grow the economy, the government can only secure the funds from revenue.
“Tax revenue needs to be increased to reach the desired levels,” he said.
Edun said that controlling fiscal deficit and ensuring a stable exchange rate would boost investor confidence.
According to him, this will lead to more business activity in the country and increased tax revenue from those investments.
“Once the deficit and exchange rate are under control, it will encourage investors to come and do business in Nigeria. In turn, they will pay their taxes,” he said.
He said that President Bola Tinubu’s renewed hope agenda had been a huge success.
The Minister of State for Fiance, Dr Doris Uzoka-Anite, said that the event was a mmedium ro ensure that the ministry achieved its goals.
“The federal ministry of finance, just like every other ministries, has a bilateral engagement with departments and agencies under its supervision to report the ministry’s performance quarterly.
” Specifically, all the agencies under the ministry have performed very well.
“The two major revenue generating agencies under the supervision of the ministry are the Federal Inland Revenue Service (FIRS) and Nigeria Custom service.
” They performed above their target and this is highly commendable,” Uzoka-Anite said. (NAN)
By Abubakar Yunusa
Dr Yusuf John Suberu, founder of the Dr Yusuf John Suberu Foundation, has congratulated Nigeria on being honoured with the prestigious Kofi Annan Road Safety Award at a ceremony in Eswatini.
The award recognises the country’s significant progress in reducing road crashes and improving safety..
The accolade, celebrated by stakeholders across the continent, highlights Nigeria’s dedication to improving road safety standards.
Dr. Yusuf John Suberu, founder of the Dr. Yusuf John Suberu Foundation, attended the event and engaged with prominent figures, including the Ministers of Transportation from Cameroon and Eswatini, as well as Mr. John Todd, the United Nations Envoy on Road Safety.
The foundation, which focuses on poverty alleviation, education, and health, praised the Federal Government’s achievement as a milestone in fostering safer communities.
“This award reflects Nigeria’s unwavering commitment to road safety, a cause that resonates deeply with our mission to empower and uplift communities,” Dr. Suberu said in a statement.
“We commend the government and reaffirm our support for initiatives promoting sustainable development and safety.”
The Dr. Yusuf John Suberu Foundation has impacted over 5,000 individuals in the past year through its programmes and aims to train 500 youths in the Federal Capital Territory with skills for financial independence and self-employment.
The organisation views the award as a testament to the power of collective action in driving meaningful change.
The foundation expressed its eagerness to deepen collaboration with government bodies, international organisations, and local stakeholders to advance road safety and community development across Nigeria.
The Nigerian Army has appointed Lieutenant Colonel Anele Onyinyechi Appolonia as the Acting Director, Army Public Relations — the first woman to hold the position.
Anele, a member of Direct Regular Course 15 and the Nigerian Institute of Public Relations (NIPR), takes over from Major General Onyema Nwachukwu, who has been posted to the Nigerian Army Heritage and Future Centre. Her appointment takes effect from April 22, 2025.
Before this elevation, Lt. Col. Anele completed a six-month strategic course at the Nigerian Army Resource Centre and was subsequently posted to the Department of Civil-Military Relations.
She has previously served as Public Relations Officer in the Office of the Chief of Army Staff. Until her new role, she was with the Department of Civil-Military Relations.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele
Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr Taiwo Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Tax Reform Bill would curb poverty and empower ordinary Nigerians.
Oyedele made this known at the Spokespersons’ Summit, organised by the Nigerian Institute of Public Relations (NIPR) in Abuja.
He expressed strong optimism about the sweeping changes the bill would bring, especially for the low-income earners and small businesses across the country.
The chairman said that key highlights of the reform included the exemption of low-income earners from paying the Personal Income Tax (PAYE) and the removal of VAT from basic essentials such as food, education, and healthcare.
Oyedele added that it included a zero per cent Corporate Income Tax (CIT) rate for small businesses, adding that the bill had great benefits, especially for the masses, although it was welcomed with misconceptions and attacks.
He said, “This is because the issues of tax and taxation are not the most attractive to the ordinary persons because it is hard to part with your money.
“It is even harder when you part with your money and you cannot tell what exactly government is using it for that benefits you.”
Oyedele said the approach for the reform was to try and understand what the issues were and where the problems were coming from.
He added, “Then we will use data to engage with the people and design a solution for Nigeria that is made by Nigerians for the Nigerian people.
“That is exactly what we have done with the tax reform bill which is now nearing passage for the President to sign.”
According to Oyedele, the government is positive that as soon as implementation begins, Nigerians will see the real positive impact on their day-to-day living including low income earners being exempted from taxes.
“This is because, we want Nigerians to be able to create wealth and become successful, when they make it big time, then they will pay taxes, not the other way round.
“So, we believe that this message is resonating with the Nigerian people, it is still a long way to go but we are happy to continue with the journey,” he said.
Oyedele commended NIPR for putting the summit together and for discussing issues of government policies for the clearer understanding of Nigerians.
The President and Chairman of Council, NIPR, Dr Ike Neliaku, said the communication ecosystem should always be considered when formulating any government policy.
Neliaku said this was because the communicators have the gift of communicating even the most difficult policies to the people.
He added that they would look at such policies and guide strategic communication, adding, “which is the when,what,how where which it answers all those questions.
“So, when you say this is what we want to do,how best should we do it?it is the work of the experts and not quacks, those trained to come up with the strategies to communicate that.
“The tax reform is what this nation needs at this point but it was essentially misunderstood because of the way it was introduced and the mischief makers took advantage of that to do what they want.”
Neliaku said that was why NIPR and its partners in the communication ecosystem had promised to work with the government to develop a tax communication framework.
He said that it was also being done in the areas of climate action, Science communication and across many sectors to communicate reforms so that the child is not killed even before it is birthed.
He encouraged spokespersons to acquire knowledge, understand trends and issues in order to be effective and to speak well and informed.
Dr Nkechi Ali-Balogu, a Fellow of NIPR, said that there was need to view taxation with the gender lens, adding that there was need to make exemptions for women.
Ali-Balogun said that most women were bread winners these days as well as single mothers should enjoy tax exemption to empower them to provide for their families.
She commended NIPR for organising the summit, adding that it had broadened her horizon on national issues.(NAN)