In a fresh push to pull Nigeria’s ailing economy out of the woods, the federal government has rolled out new deals under what it calls the Accelerated Stabilisation and Advancement Plan (ASAP).
In a fresh push to pull Nigeria’s ailing economy out of the woods, the federal government has rolled out new deals under what it calls the Accelerated Stabilisation and Advancement Plan .• Youths to get unemployment benefits after NYSC
Nigerians have continued to struggle with rising food prices with food inflation reaching 40.5%. Among the hardest-hit commodities is rice, a dietary staple. ASAP, which is chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, admitted that the federation spent N3.6 trillion on fuel subsidy last year with the figure expected to rise to N5.4 trillion this year despite removal of subsidy.
To boost gas investment and production, the report declared that there is an urgent need for the government to improve the incentive structure for investment in the development of non-associated gas fields, implement presidential directives improving the gas investment environment and develop a commercial framework for gas supply to the local market for power and gas-based industries.
However, experts have urged cautious optimism pointing at implementation gaps, incoherence of thoughts and lack of timelines. For retiree banker, Ande Mohammed, not having a clearly defined timeline for oil and gas is a major drawback and raises questions about the sincerity of the implementation strategies.
“The plan contains robust and comprehensive fiscal policy measures that stakeholders in the real economy had clamoured for over the past year. It addresses the concerns of investors on high interest rate, high cost of cargo clearance at the ports, and high import duty regimes. The ‘Non-oil Export Promotion and International Trade’ executive order would take into consideration tax exemption for repatriated export proceeds of services and IP, zero-rated VAT for all non-oil exports, relaxation of restriction on the use of export proceeds, removal of tax clearance certificate as a condition for forex application.
Sources in the presidency claimed President Tinubu is interested more in introducing non-monetary incentives as a means of curbing inflation as against salary increments. The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, yesterday, said he had no cause to regret seeking full autonomy for the 774 local councils in the country.
Joint Tax Board Muda Yusuf PECC Wale Edun
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