Nigeria targets additional N3.96 trillion in revenue generation reforms

Nigeria is targeting additional revenue of about N3.96 trillion through the implementation of revenue mobilization reforms, which is a derivative of the federal government’s Strategic Revenue Growth Initiative.

A memo presented on Wednesday’s meeting of the Federal Executive Council, presided over by Vice President Yemi Osinbajo, showed that the Ministry of Finance, Budget and National Planning is working towards accelerating revenue mobilization.

Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, who briefed the media on behalf of the Finance Minister, said significant progress has been made in the initiative.

He said this included the raising of the VAT from 5% to 7% and other measures since 2019.

“This particular initiative is something 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.

“So, it is estimated that with the implementation of this reform, it would result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion annually for non-oil revenue and N160 billion for oil revenue.”

Budapest Convention

Akande said that the cabinet meeting also approved Nigeria’s assent to the Budapest Convention on Cyber Crime.

He said this followed a memo presented to the meeting to that effect by the Attorney-General and Minister of Justice, Abubakar Malami.

“The convention is a comprehensive national legislation against cyber crime as a framework for technical assistance as well as international cooperation between state parties to it,” Akande said.

He said that also at the meeting, the Minister for Water Resources presented a memo for the implementation of the federal government’s component for the execution of rehabilitation, expansion and upgrading of Gombe regional water supply project under the Nigeria National Water Resources.

According to him, the council approved the sum of N939 million, which has been provided for in the 2022 budget  as a counterpart fund for this urban water supply improvement in line with the National  Water Supply and Sanitation Policy.