Economic Council Meeting: FG Says No Plan To Increase Taxes

The federal government says it has no plans to increase company taxes or Value Added Tax in the country despite the dwindling oil revenue. It, however, said that it would do all it can to ensure that Nigerians pay their taxes as and when due. The Minister of Budget and National Planning, Udoma Udo Udoma, said this while giving an update on the 2016 budget before the National Assembly. This, according to him, was the outcome of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo. He said that the budget is geared towards stimulating the economy and promoting inclusive growth and that the federal government would build an economy that is less vulnerable to oil price shocks by creating resistant divested income base and creating efficient public financial management system. He said that government would partner states and local governments to recruit, train and deploy 500,000 unemployed graduates as teachers. He added that the Vice President’s office was also working to design an implementable and transparent conditional cash transfer programme of 5,000 Naira monthly to one million poorest and most vulnerable.. During its briefing, the Economic Council said that the balance of the excess crude account as at December 31, 2015 stood at $2.257 billion. Council said that it has also resolved the situation where revenue agencies collect monies in foreign currency but remit such accounts in Naira into the federation account. The Governor of Anambra State, Willy Obiano made this known during the briefing. The Lagos State Governor, Akinwumi Ambode, also spoke on the management of excess crude account and the need to carry out a forensic audit of revenue agencies for which KPMG has been appointed.