Federal Government has injected palliatives worth N1trillion into the manufacturing sector within the last one year, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, told the Senate.
He spoke just as the Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, declared that accelerated stabilisation fund, which focuses on reinvigorating the manufacturing sector was being injected, aside series of legacy projects, geared towards putting in place infrastructure to make the sector more viable.
The duo spoke, yesterday, during a public hearing on Finance Act (Amendment) Bill 2024, organised by the National Assembly Joint Committee on Finance.
The minister in his response to request made by members of the committee that the manufacturing sector should be considered as beneficiary from the proposed tax on banks from foreign profits (windfall tax), said the sector had already been taken care of.
“Palliatives worth N1trillion have been injected into the manufacturing sector within the last one year with attendant positive results in terms of reinvigoration”, he said.
Earlier in his presentation to the joint committee, chaired by Senator Sani Musa (APC Niger East), Adedeji said the proposed one-time windfall tax, is geared towards redistribution of wealth, which, according to him, would be beneficial to the various sectors.
He, however, explained to members of the joint committee that strategic programmes of President Bola Tinibu government were targeted at reinvigorating the manufacturing sector.
Sharing percentage from the one-time windfall tax between the Federal Government and the banks, was, however, not agreed upon before the Minister, the FIRS boss and representative of the Governor of Central Bank of Nigeria (CBN), were excused from the meeting.
Tinubu had, in an executive bill forwarded for approval by both chambers of the National Assembly, proposed 50 per cent sharing formula for both parties , which some members of the committees, suggested for upward review.
