The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has assured that the administration of President Bola Tinubu will be transparent about revenue from oil.
Edun made this assurance when he faced the House of Representatives Committee on Appropriation to justify the 2024 appropriation bill.
He said the matter of accounting for oil revenue is crucial, “and obviously whatever we have found as a method of tracking oil revenue and depositing it into the federation account will be implemented.”
The minister said he concurred with many who had stressed the fact that the federal government must have a system of remitting into the government treasury with exchange rates.
He said that the current administration intended to boost revenue from taxation, adding that there was a need to improve the effectiveness of tax administration collection.
Edun said the government relies on foreign direct investment as well as domestic and private sector investment to expand the economy.
He said the government was not investing enough in key infrastructure, adding that there was a need to examine why there appeared to be an overstatement of certain expenditures.
The minister said the abundance of share waste in the number of taxes was being reduced, saying that 90 percent of tax revenue from the government comes from a specific tax end.
He said that all the rest that goes out in the name of taxes and levies does not go into the government treasury.
Edun said there was a thorough overhaul of tax administration, which was done through the agency of the tax reform committee.
This, according to him, has a lot to work with and will be proposing ways to approach the tax system.
Rep. Abubakar Bitchi, the Chairman, Appropriation, said there was a need to review the 2024 budget proposal in order to back the president’s renewed hope agenda.
He said money was required to achieve this through more funding, saying all the revenue-generating agencies were called to ensure Nigeria got the money.
We need to figure out a way to achieve the goal of the president’s renewed hope budget. Nigerians are pleased that we are cutting down on borrowing.
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