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FEC approves initiatives to raise revenues by N3.96trn annually

…okays N11.7bn, $22.8m for power projects

The Federal Executive Council (FEC) has approved fresh initiatives to boost the nation’s annual revenue base by N3.96 trillion.

This was disclosed Wednesday by the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice President, Laolu Akande, who briefed on behalf of the Minister of Finance, Budget and National Planning, Zainab Ahmed, after the weekly Council meeting chaired by the Vice President, Yemi Osinbajo at the Presidential Villa.

The Council also okayed a total sum of N11.7 billion and $22.8 million for onshore and off-shore components of projects in the power ministry and N939 million for contracts in the Ministry of Water Resources.

Akande said the memo on the boost of the national revenue base presented by the Finance, Budget and National Planning Minister was a derivative of the Federal Government’s strategic revenue growth initiative.

“This particular initiative is something that is meant to address some of the fiscal challenges of the Federal Government as it is intended to raise Nigeria’s non-oil revenue potential and oil revenue potential. So, it is estimated, but with the implementation of this reform, it could result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion and N160 billion annually. That is N3.8 trillion increase annually for non-oil revenue and N160 billion for oil revenue,” he said

The N939 million approved for water resources was for the implementation of the Federal Government’s component for the execution of rehabilitation, expansion and upgrading of Gombe regional water supply projects under the Nigerian National Water Resources, he said

The Council equally approved a memo on the accession of Nigeria to the Budapest Convention on cybercrime presented by the Attorney-General of the Federation and Minister of Justice, Akande added.

Minister of Power, Mammah Saleh, told newsmen that the Council approved the sum of N6,529,589,632.28 (VAT inclusive) for transmission sub-station contracts in Hong, Adamawa state with the delivery period put at 24 months.

 

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