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Budget: PwC seeks focus on export diversification, others

Following President Muhammadu Buhari’s signing of the 2022 Budget, leading professional services firm, PwC Nigeria, has highlighted key areas that it will want the Federal Government to focus on with regard to the implementation of the budget. Analysing the budget in a report obtained yesterday, the firm noted that it contained some revenue- generation initiatives given that “there have been concerns about Nigeria’s rising debt profile especially debt service to revenue ratio as well as foreign exchange liquidity constraints, both of which have been exacerbated by COVID-19.” It however, stated: “While some of the revenue- generating initiatives in the budget are commendable, a key focus area may be to explore avenues to diversify export revenue sources away from crude oil, which currently accounts for more than 80% of total foreign exchange receipt.”

It also emphasised that loopholes in government spending should be plugged, such as “by reviewing the current petroleum subsidy regime for total removal or to ensure that it is targeted only at the most vulnerable Nigerians.” Furthermore, the firm stated: “Concerted and coordinated efforts are required to improve the policy environment and address insecurity in order to boost domestic investment and attract foreign direct investments. “Government also needs to ensure speedy ratification and strategic implementation of the Africa Continental Free Trade Area agreement (Af- CFTA) to position Nigeria as a choice investment destination in Africa. “It is expected that a robust implementation of the Petroleum Industry Act (PIA) would promote significant investment in the oil and gas sector, stimulate economic growth and sustainable development.”

 

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