The Federal Government may soon approach the National Assembly for a supplementary budget of N6.6 trillion to fund the implementation of the Accelerated Stabilisation and Advancement Plan (ASAP) designed to advance President Tinubu’s economy-related “8 Priorities.
The Federal Government may soon approach the National Assembly for a supplementary budget of N6.6 trillion to fund the implementation of the Accelerated Stabilisation and Advancement Plan designed to advance President Tinubu’s economy-related “8 Priorities.”
The ASAP recommended intervention in four critical sectors with an estimated spending of N6.6 trillion. The sectors are Agriculture and food security, Energy , Health and social welfare, and Business support “Approximately 49.0% and 27.0% are targeted at the energy sector and for business support, respectivelyMeanwhile, President Bola Tinubu is to issue 20 Executive Orders for the implementation of the ASAP.
Similarly, three Eos are proposed for tax exemption for repatriated export proceeds of services & Intellectual Property. Under the Tax Information Consolidation & Collaboration Initiative , there will be Eos namely: Create TICC Data Bank to be managed by the Joint Tax Board; Mandatory use of NIN and Registered Company numbers; one government directive on data generated by MDAs and National Tax data governance framework the draft document indicated that the federal government aims to increase electricity supply to 6 GW by December this year.
In the process, the government will be expected to commence liquidation of ¦ 1.5 trillion liability and non-performing value chain participants should be penalized while ensuring sustainable, low-cost energy sources that should be integrated to lower the average cost of power.
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