FEC approves initiatives to raise revenues by N3.96tr yearly

Federal Executive Council (FEC), yesterday, said it approved fresh initiatives aimed at boosting the nation’s yearly revenue base by N3.96 trillion.

Senior Special Assistant to the President on Media and Publicity (Office of the Vice President), Laolu Akande, who briefed newsmen on behalf of the Minister of Finance, Budget and National Planning, Zainab Ahmed, spoke after the Council meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

The Council also approved N11.7 billion and $22.8 million for onshore and offshore components of projects in the power ministry and N939 million for contracts in the Ministry of Water Resources.

Akande said a memo on boosting the revenue base presented by Ahmed was a derivative of the Federal Government’s strategic revenue growth initiative.

He said: “This particular initiative is something that is meant to address some of the fiscal challenges of the Federal Government, as it is intended to raise Nigeria’s non-oil revenue potential and oil revenue potential. With the implementation of this reform, it could result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion and N160 billion yearly. That is a N3.8 trillion increase yearly for non-oil revenue and N160 billion for oil revenue.”