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Federal Government Launches Strategic Revenue Growth Initiative

The Federal Government Wednesday launched the Strategic Revenue Growth Initiative to generate more revenues to finance national development.

 

The Minister of Finance, Mrs Zainab Ahmed at the official launch of the initiative in Abuja said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers according to the mandate by President Muhammadu Buhari.

 

The Federal Inland Revenue Service (FIRS), Chairman of FIRS, Mr Babatunde Fowler said that to increase tax revenue, the service plans to collaborate with Deposit Money Banks to get names of companies and individuals with funds in excess of N1 billion and ensure that appropriate tax was collected amongst other initiatives.

 

Also speaking, the Comptroller-General, Nigeria Customs Service, Col. Hammed Ali disclosed that total revenue generated for 2018 was #1.202trillion adding that in order to enhance revenue generation the agency would apply more stringent measures to curb smuggling, collaborate with other revenue generating agencies, deploy full containers scanners to all ports, deployment of E-customs passports, introduce new excise duties on some other products amongst others.

 

Our Correspondent, Raliat Adenekan reports that a steering committee is set up, headed by the Minister of Finance to give direction and monitor the Strategic Revenue Growth Initiative.

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