The federal government is planning a fiscal policy review, tax reforms , says Wale Edun, Nigeria’s Minister of Finance and Co-ordinating Minister of the Economy.
This, according him is because Nigeria needs to review its fiscal policy and embark on tax reforms to earn enough revenue to run the economy.
Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the declaration in Abuja on Monday while defending the ministry’s 2024 budget before the Senate committee on finance.
Edun said the measures would attract domestic and foreign direct investment for job and wealth creation.
He explained that the ministry was spearheading digitalisation to achieve greater efficiency and cost reduction in governance to boost the economy.
“Digitalisation is a veritable tool in safeguarding against wrongful use and invasion of the entire public service system,’’ Edun said.
He noted also that a solid revenue performance would further enhance the economy and explained that the 2023 supplementary budget would run concurrently with that of 2024.
While responding to a question on Galaxy Backbone, Edun said the project was ongoing and being done in phases. He added that the project is currently in the 3rd phase in the Ministry.
Earlier, Chairman of the committee, Sen. Mohammed Musa said the country needed a budget that would renew the hope of Nigerians.
He noted that that was the reason President Bola Tinubu tagged the 2024 budget: `Budget of Renewed Hope’’.
Musa noted that when hope is rekindled in Nigerians, the multiplier effect would bring economic wellbeing that would percolate to every household.
He commended Edun for a job well done and assured of the committee’s support considering the minister’s antecedents.
The Permanent Secretary of the Ministry of Finance, Okonkon Udo, in his response to a question on the Service Wide Vote, said that it is domiciled in the Federal Ministry of Finance, which makes the Ministry a custodian of the Federal Budget.