NEC projects N6.77trn revenue inflow into Federation Account

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The National Economic Council (NEC) has projected N6.77 trillion aggregate revenue inflow into the Federation Account (Main Pool) and also N1.70 trillion projected inflow in the Value Added Tax (VAT) Pool Account.

The senior special assistant to the President on Media & Publicity, Laolu Akande in a communiqué at the end of the NEC meeting on Thursday said out of the main pool account, the federal government  is projected to get N3.54 trillion while States and Local Governments are projected to get N1.80 trillion and N1.39 trillion, respectively.

He explained that the federal government is projected to get N255.46billion from the VAT pool account, while the States and Local Governments are projected to get N851.52 billion and N596.07 billion, respectively.

He noted that several measures are being instituted to improve government revenue, stressing that the fiscal intervention would play its role to keep the nation’s economy active and attract funds from external investment.

According to him, “Several measures are being instituted to improve government revenue and entrench a regime of prudence with emphasis on achieving value for money.

“The goal of fiscal interventions will be to keep the economy active through careful calibrated regulatory/policy measures designed to boost domestic value-addition, de-risk the enterprise environment, attract external investment and sources of funding, etc.”

He said the Honourable Minister of State for Budget and National Planning, Mrs. Zainab Ahmed reported to Council that the under listed accounts as at 14th October, 2020 was $72.41million excess crude account; N47.2billion stabilization account and N154.3billion Development of Natural Resources Account .

On strategy for growth of micro, small and medium enterprises (SMES) and job creation by minister of industry, trade and investment, he explained that the NEC received a presentation from the Ministry of Industry, Trade and Investment titled Strategy for Growth of Micro, small and Medium Enterprises (MSMES) and Job Creation.

According to him, “The objective of the presentation is to bring NEC up to speed on Ministry’s Term Goals and Projects and seek NEC’S support in the resolution of key challenges to achieving our goals.

The presentation noted that part of the mandate of FMITI is to accelerate the growth of the industrial sector and enhance productivity and boost the development of micro, small and medium enterprises (MSMEs) as engine of economic growth, etc.”

He explained further that the council was invited to , establish land banks in each state earmarked for investment in agriculture and agro–processing; ensure fair compensation for land, standardize and ensure clarity in compensation rates in each state; adapt the 2015 approved list of taxes and levies and Set up and investment promotion agency/one stop shop for investment-related issues including facilitating investment linkages.

He added. that  MSME council are expected to be set up in each states, maintain further that these Councils are to build a database of the residents MSMES which can be used to facilitate the integration of local MSMEs into the supply chains of large resident corporate.