• Friday, April 12, 2024
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FG says digitization cost-effective, seeks tax, fiscal reforms to boost revenue

South Africa: Trouble in paradise!

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 that such measures would attract domestic and foreign direct investments into the country for job and wealth creation.

Read also: Federal Government may revisit 2024 budget as revenue rises

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

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

He noted 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 Senate Committee on Finance, said “we need a budget that will renew the hope of Nigerians”, adding that, “it is the reason, Mr. President tagged the Budget Renewed Hope”.

He stressed that when this is achieved, the multiplying effects would bring economic well-being to Nigerians and this would get down to every household. He acknowledged the Minister for a work well done and assured him of their support because of his antecedents.

Read also: Global airline industry revenues seen hitting record-high in 2024

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