The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has revealed that the Federal Government is poised to save N8tn annually through the recent fuel subsidy removal and exchange rate unification policies.
Speaking at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis, Oyedele emphasized the need to utilize these savings for the benefit of the average Nigerian.
Highlighting the substantial savings, Oyedele stated, “The Nigerian people made sacrifices due to the fuel subsidy removal, amounting to N4tn savings annually.
With the naira floatation, an additional N4tn is being saved. This totals approximately N8tn redirected from private pockets to the government.”
He urged intentional spending of these funds to positively impact the populace, starting with addressing multidimensional poverty.
In addition, the committee recommended the suspension of “nuisance taxes” to alleviate frustration and promote economic growth.
Oyedele stressed the importance of creating digital opportunities for the youthful population, asserting that Nigeria has the capacity to generate $20bn annually from the technology sector.
Addressing concerns about diaspora remittances, Oyedele proposed amendments to the law, citing loopholes allowing middlemen to divert foreign currencies.
He called for a streamlined approach, mentioning that just asking Nigerian companies to pay taxes in dollars could annually contribute $3.5bn.
Director General of the Budget Office, Ben Akabueze, expressed worry about the country’s fiscal challenges, emphasizing the need to raise public revenues.
He acknowledged the accumulated deficits and the increasing debt profile, cautioning against persisting with deficits.
Akabueze emphasized the importance of efficient spending, stating, “Spending less is not an option for us. Spending more efficiently—yes.”
Bismarck Rewane, CEO of Financial Derivatives, highlighted key economic challenges, including non-inclusive growth, income inequality, high poverty, unemployment rates, inflation, fiscal imbalances, and currency pressures.
He attributed the forex crisis to factors such as lack of transparency, unclear policy direction, capital controls, and high speculation activities.
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