Edun pushes tax reform and digitalization for economic growth in 2024

Wale Edun, Minister of Finance and Co-ordinating Minister of the Economy, has reiterated the need for fiscal policy review and tax reforms for revenue generation to run Nigeria’s economy.

He said such measures would attract domestic and foreign direct investment into the country for job and wealth creation.

He made this call during the 2024 Budget Defence of the Federal Ministry of Finance at the Senate Committee on Finance at the National Assembly on Monday in Abuja.

Edun emphasized savings and tax incentives, wholesale revenue in the nation’s 2024 N27.5 trillion budget proposals that would further boost the nation’s economy.

He added that a solid revenue performance would further enhance the economy.

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He further states that the Ministry of Finance is spearheading digitalisation to achieve greater efficiency and cost reduction in governance, which will, in turn, boost the economy.

Edun said, “Digitalization is a veritable tool in safeguarding against wrongful use and invasion of the entire public service system.”

He disclosed that the 2023 Supplementary Budget would run concurrently with the 2024 Appropriation Act.

While responding to a question on Galaxy Backbone, Edun said the project was ongoing and being done in phases. He added that the project is currently in the 3rd phase in the Ministry.

Earlier, Sani Musa, Chairman of the Senate Committee on Finance, said that we need a budget that will renew the hope of Nigerians, adding that it is why Mr President tagged the Budget “Renewed Hope”.

He stressed that when this is achieved, the multiplying effects will bring economic well-being to Nigerians, which will get down to every household.

He acknowledged the Minister for well-done work and assured him of their support because of his antecedents.

The Permanent Secretary of the Ministry of Finance, Okonkon Udo, in his response to a question on the Service Wide Vote, said that it is domiciled in the Federal Ministry of Finance, which makes the Ministry a custodian of the Federal Budget.