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Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

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Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

The Senate on Wednesday passed the 2022-2024 medium-term expenditure and fiscal strategy paper, retaining all the assumptions and projections submitted to it by the president, Muhammadu, in July 2021.

 

The red chamber retained the exchange rate of n410.15 per dollar proposed by the executive and also approved the projected gross domestic product growth rate of 4.20 percent.

 

The Senate retained the projected inflation rate of 13 percent fiscal deficit estimate of n5.62 trillion.

 

President Buhari’s projected new borrowings of n4.89 trillion, including foreign and domestic borrowing, were also retained and approved.

 

The $3.5 billion international monetary fund loan at the rate of 0.01 percent to 0.02 percent proposed by the president was also approved to shore up the internal borrowing and to reduce external borrowing because of the exchange rate risks.

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The senate further retained the federal government’s 2022 revenue projection of n8.36 trillion; and expenditure of n13.98 trillion among others.

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Revenue Streams

FIRS Proposes Road Infrastructure Tax

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FIRS Proposes Road Infrastructure Tax

The Federal Inland Revenue Service (FIRS) says it is proposing the introduction of road infrastructure tax in Nigeria, to make the informal sector contribute to building a modern society.

Chairman of the revenue agency, Muhammad Nami, disclosed this yesterday while receiving a delegation of the Nigeria Union of Journalists (NUJ) led by its national president, Chris Isiguzo, in his Abuja office, according to a statement issued by the FIRS.

Nami said the proposed road infrastructure tax to be administered by FIRS, will provide the government with adequate funding for road construction, rehabilitation and maintenance as well as providing the needed security for roads in the country.

In justifying the move, Nami said in many jurisdictions, road users pay for the use of road infrastructure as such it shouldn’t be seen as an additional burden on the citizens because it has the potential of making life better for everyone.

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He explained that Nigeria’s economy presently relies heavily on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry. He added that the service created 10 Value Added Tax (VAT) regional coordination offices across the country to drive the collection of VAT.

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Finance

North Central Zone Stakeholders Propose 35% Revenue Allocation to States

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North Central Zone Stakeholders Propose 35% Revenue Allocation to States

Majority of the states in the North central zone, on Thursday, proposed a 39: 35: 26 per cent revenue sharing formula for the three tiers of government in the country.

The States made their positions known at a one-day North Central Zonal public hearing on the review of the current Revenue Allocation Formula (RAF), organized by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), at Government House, Lokoja.

In his remarks, Gov. Yahaya Bello of Kogi, advocated a sharing formula of 39, 35 and 26 per cent between the Federal, States and Local Governments, respectively, in order to effect the desired development of the country.

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Bello, who was represented by his Deputy, Edward Onoja, stated that the main objectives of revenue allocation was to promote national unity and accelerate the economic growth of all tiers of government. He lamented that the current formula in use had failed to achieve the desired aspirations of the citizens for development.

He, therefore, urged the review committee to take a critical look at the revenue allocation formula currently in use with a view to do the needful in the interest of Nigerians.

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Finance

CBN Says E-Naira Will Be Available to Nigerians Without Internet-Enabled Phones

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CBN Says E-Naira Will Be Available to Nigerians Without Internet-Enabled Phones

The Central Bank of Nigeria has said the e-naira will be available to Nigerians without internet-enabled phones.

Ultimately, E-naira’s usability would definitely improve as Nigerians would be able to transact without having to subscribe to data or having an internet enabled phone.

The E-naira, according to the apex bank, will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and internet banking.

The apex bank also said to ensure inclusive access while also ensuring the integrity of the financial system, the account-based central bank digital currency model has been chosen for the e-naira.

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GSMA, a global industry organization that represents the interests of mobile network operators, had said in a recent report that 19 per cent of people living in Nigeria and other Sub-Saharan African countries did not have access to mobile broadband coverage.

The CBN further added that the E-naira said this would help improve cross-border payments and address issues of dollarization of the Nigerian economy.

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