FG is not increasing taxes, Udoma tells National Assembly

The Federal Government does not have any intention of increasing taxes but is working towards increasing its internally generated revenue through the broadening its tax base.

Responding to a comment by Senator Ben Bruce at the public hearing of the Joint Session of the National Assembly on the 2017 Budget, the Minister of Budget and National Planning, Senator Udoma Udo Udoma said “a view has been expressed that we should not increase taxes, that we should broaden tax collection instead, that is precisely what is in the budget.”

Senator Bruce had given the impression that the Federal Government was about to increase taxes, a development he said will further worsen the economic fortunes of individuals and businesses, but the Minister said “there is no increase in VAT, there is no increase in company’s income tax, there is no increase at all in taxes, but people who are not paying taxes must be made to pay. So the idea is to increase revenue by broadening the tax base, not by increasing taxes.”

FEDERAL MINISTRY OF FINANCE: Announcement of pricing of US$1 billion notes by FG under its US$1 billion GMTN Programme

Announcement of pricing of US$1 billion notes by the Federal Republic of Nigeria under its US$1 billion Global Medium Term Note programme
Abuja: 9th February 2017: The Federal Republic of Nigeria (the “Republic”) today announces that it has priced its offering of US$1 billion aggregate principal amount of notes (the “Notes”) under its newly established US$1 billion Global Medium Term Note programme.

The Notes will bear interest at a rate of 7.875% and will mature on 16th February 2032 with a bullet repayment of the principal.

PRESS RELEASE: FG not turning to IMF for loan - Budget Ministry

MINISTRY OF BUDGET AND NATIONAL PLANNING PRESS RELEASE

The Ministry of Budget and National Planning has explained that the Federal Government is not looking to source any loan from the International Monetary Fund (IMF), as reported by a national newspaper on Friday.

While briefing a French delegation that visited him in Abuja on Thursday, on what the Federal Government was doing to drive revenue for its activities, the Minister, Senator Udoma Udo Udoma, explained generally that government was exploring both internal and external sources, but emphasized that in the case of external sources, government would only be looking at institutions that can give concessionary terms.

Accessing Capital Funds Now Based On Performance, FG Says

Quarterly releases of funds for capital projects will no longer be automatic but subject to meeting of key performance indicators by Ministries, Parastatals and Agencies (MDA), Minister of Budget and National Planning, Senator Udoma Udo Udoma, has said. 

The minister disclosed this yesterday in an opening address at the 2016 Annual Public Lecture of the Nigerian Economic Society (NES) held in Abuja. 

The government is set to make some capital releases for the coming quarter as the second quarter of the year draws to a close. N1.79 trillion or 29 per cent of the N6.06tr 2016 budget has been earmarked for capital expenses.