PEBEC’s 2024 objectives: FG targets 20% increase in tax remittances, FX earnings
…Expects 25% growth in adherence to service level agreements
…As PEBEC unveils plans for transparent communication, increased followership
In a bid to boost economic growth and improve the business environment in Nigeria, the Federal Government, through the Presidential Enabling Business Environment Council (PEBEC), has set ambitious targets for 2024.
The council aims to facilitate a 20 percent increase in annual total tax remittances and foreign exchange earnings, among other key objectives.To achieve these goals, PEBEC has introduced the ‘Business Champions Programme’ as part of its workstream for 2024.
This program is directed to support businesses and minimize obstacles in accessing government services. By doing so, PEBEC expects to achieve a 20 percent or more annual growth in revenues, tax remittances, foreign exchange earnings, and job creation.
In addition to the Business Champions Programme, PEBEC has outlined several other workstreams for the year.
These include regulatory reforms, sub-national Ease of Doing Business (EoDB) reforms, legislative and judicial reforms, and strategic communications.
Under the regulatory reforms, PEBEC aims to enhance the efficiency and transparency of public service delivery in 36 priority Ministries, Departments, and Agencies (MDAs).
This initiative is expected to result in a 25 percent growth in MDAs’ adherence to the 72-hour ReportGov.ng resolution Service Level Agreement (SLA) and timeline.
The sub-national ease of doing business reforms will focus on supporting the 36 states and the Federal Capital Territory (FCT) in improving their ease of doing business rankings. PEBEC aims for these regions to achieve a minimum score of 15 percent in ease of doing business.
Strategic communication reform is another crucial aspect of PEBEC’s agenda.
The council aims to support the effective and transparent communication of PEBEC’s mandate, workstreams, and key initiatives. The expected impact of this reform is a 25 percent improvement in internal and external stakeholder satisfaction with PEBEC in 2024, as well as a 20 percent growth in followership across all PEBEC media platforms.
With these comprehensive plans in place, PEBEC is determined to create a more conducive business environment in Nigeria.
“Federal Government’s priorities include improving power and transport infrastructure, public service delivery, security, and business environment, reducing trade restrictions, reviewing tariffs to reduce the cost of key inputs for producers, simplifying and harmonising import and export procedures, and addressing bottlenecks,” the council stated.
According to it, the workstreams were in line with the Federal Government’s 8-point agenda which includes reforming the economy to deliver sustained inclusive growth, strengthening national security for peace and prosperity, boosting agriculture to achieve food security and unlocking energy and natural resources for sustainable development.
Others are enhancing infrastructure and transportation as enablers for growth, focusing on education, health, and social investment as essential pillars of development, accelerating diversification through industrialisation, digitisation, creative arts, manufacturing and innovation, and improving governance for effective service delivery.
