BEVERLY HILLS, January 29, (THEWILL) – The Federal Government has assured Nigerians that in spite of the current dwindling revenue from crude oil sales, it will not increase taxes because of its resolve not to impose additional burden on the suffering masses.
This was one of the outcomes of yesterday’s meeting of the National Economic Council, NEC, presided over by the Vice President, Prof. Yemi Osinbajo, at the Council Chambers of the Aso Rock Presidential Villa in Abuja.
The Minister of Budget and National Planning, Mr. Udoma Udo Udoma, who briefed State House correspondents after the meeting, noted that the government did not intend to increase either the Value Added Tax, VAT, or the Corporate Tax at the moment, stressing that it only desired an increase in taxes collection rate currently standing at about 20 percent.
The minister stated that the executive would collaborate with the National Assembly to explore other innovative financing methods for the 2016 budget especially by considering private sector funding for some capital projects.
Udoma, who stated that the government was also considering tolls collection as an option for road construction projects, said: “With reference to the budget, one thing we are determined not to do is to cut any of those capital projects because we need them to stimulate the economy.
“We are going to work with the National Assembly to see how we can get savings. One of the areas we are looking at is our cash call elements.”
The minister said he told the council that the 2016 budget was geared towards stimulating the economy and promoting inclusive growth for the poor and the vulnerable, adding that the nation’s economy had been affected by the decline in oil prices between June 2014 and December 2015.
