The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced an ambitious target to improve the Federal Government’s Internally Generated Revenue (IGR) by way of a significant 77%. Speaking at the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS) in Abuja on Wednesday, he added that the Federal Government plans to go far from depending on expensive debts.
He also emphasised the critical role of tax in the government’s strategy to improve revenue. Edun added that the increase is essential for bridging the present infrastructure deficit and constructing robust social safety nets to aid ordinary Nigerians.
What Edun,The finance minister said Said:
“We are projecting a 77% increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low at below 10%. It should be much higher.
- “Government needs so much to spend on infrastructure and social services. The idea is to shift from expensive debts to domestic revenue mobilisation.”
- Edun had earlier said that the Federal Government has made over N1 trillion monthly since removing fuel subsidies. A rise of 77% will more than likely imply that the Federal Government wants to produce about 1.77 trillion monthly.
- By the end of a year ago, the three tiers of governments shared about N1.13 trillion in revenue manufactured in December 2023.
- If the government can boost its tax collection process using its target of N19.41 trillion for this season and revive the oil and gas sector, the perspective appears feasible, especially with macroeconomic stability.
The baning of some plastics products, supports Lagos govt’s decision on Styrofoam, single-use plastics.
The Federal Government has hinted at the banning of some plastic products, expressing support for your choice of the Lagos State Government to ban Styrofoam and other single-use plastics.
The federal government says that the ban on some plastic materials is inevitable, even while it urged Nigerians to be equipped for “wholistic circular management of our waste”.
This is made known in a statement issued by the Minister of State for Environment, Iziaq Salako, on Tuesday, January 23, 2024.
Menace of single-use plastics must be addressed
Salako said your choice of the Lagos State Government to ban Styrofoam and other single-use plastics is “a powerful signal to businesses and everyone that the menace of single-use plastics must be comprehensively addressed if Nigeria is to deliver on her environmental agenda of sustainability.
The minister commended the Lagos State Government for the bold decision to proceed with the ban.
Banning of some plastic products inevitable
Salako said the ministry is examining policies and initiatives that will drive the production of alternatives to plastics.
- He said, “The current poorly regulated and indiscriminate use of plastics has to be addressed, and Nigerians must prepare for the inevitable change in this area, including banning of some products.
- “In the interim, Nigerians are advised to take personal deliberate environmental actions to reduce and reuse plastics and also explore the growing market of recycling for their plastic waste.
- “In the coming days, robust awareness campaign and sensitization will be rolled out to prepare Nigerians for the inevitable ban of some plastics and the wholistic circular management of our waste.”
What may be of interest to you!
- Recall that several days ago, the Lagos State Government announced the banning of the usage and distribution of single-use plastics especially non-biodegradable Styrofoam across their state because of the menace such plastics are causing on the environmental surroundings in the densely populated state.
- The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, explained further that many drainage channels in their state are daily clogged up by Styrofoam through its indiscriminate distribution and usage despite the normal cleaning and evacuation of the drains with humongous amounts.
- He added that the State Government cannot fold its hands and watch the continued desecration of its environment specifically for a coastal city.