{"id":200206,"date":"2022-06-30T07:05:11","date_gmt":"2022-06-30T06:05:11","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=200206"},"modified":"2022-06-30T07:05:11","modified_gmt":"2022-06-30T06:05:11","slug":"fec-approves-reforms-to-increase-non-oil-revenue-by-n3-8trn-annually","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/30\/fec-approves-reforms-to-increase-non-oil-revenue-by-n3-8trn-annually\/","title":{"rendered":"FEC approves reforms to increase non-oil revenue by N3.8trn\u00a0annually"},"content":{"rendered":"<p>The federal executive council (FEC) has approved reforms to increase Nigeria&#8217;s non-oil revenue by N3.8 trillion and oil revenue by N160 billion annually.<\/p>\n<p>The approval was given on Wednesday by FEC<span class=\"acssf62a8\"> in a meeting presided over by the Vice-President, Yemi Osinbajo in Abuja.<\/span><\/p>\n<p>Laolu Akande, senior special assistant to the president on media and publicity, office of the vice-president, who briefed journalists after the FEC meeting,\u00a0<span class=\"acssf62a8\">said the reforms would boost the federal government\u2019s finances, especially the non-oil revenue.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cAmong several of the memos presented was the one by the minister of finance, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/03\/buhari-signs-reviewed-2022-budget\/\">budget<\/a> and national planning on accelerating revenue mobilisation reforms which is a derivative of federal government\u2019s strategic revenue growth initiative,\u201d Akande said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe significant progress that has been made in that initiative includes the raising of the value-added tax (VAT) from 5 percent to 7 percent and other measures since 2019.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThis particular initiative is something meant to address some of the fiscal challenges of the federal government as it is intended to raise Nigeria\u2019s non-oil revenue potential.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cSo, it is estimated that with the implementation of this reform, it would result in a potential additional non-oil revenue and oil revenue generation of N3.8 trillion annually for non-oil revenue and N160 billion for oil revenue.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">Akande said there was another significant memo presented to FEC by Abubakar Salami, attorney-general of the federation, on the assent of Nigeria to the Budapest Convention on Cyber Crime.<\/span><\/p>\n<p><span class=\"acssf62a8\">He said the convention is an international treaty seeking to provide comprehensive national legislation against cybercrime.<\/span><\/p>\n<p><span class=\"acssf62a8\">According to him, the convention was also seeking to provide the framework for technical assistance as well as international cooperation among countries.<\/span><\/p>\n<p><span class=\"acssf62a8\">Meanwhile, he said Suleiman Adamu, minister for water resources, also presented a memo for the implementation of \u201cfederal government\u2019s component for the execution of rehabilitation, expansion, and upgrading of Gombe regional water supply project under the Nigeria National Water Resources\u201d.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cAnd the council approved the sum of N939 million which has been provided for in the 2022 budget as a counterpart fund for this urban water supply improvement in line with the National Water Supply and Sanitation Policy,\u2019\u2019 he said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal executive council (FEC) has approved reforms to increase Nigeria&#8217;s non-oil revenue by N3.8 trillion and oil revenue by N160 billion annually. The approval was given on Wednesday by FEC in a meeting presided over by the Vice-President, Yemi Osinbajo in Abuja. Laolu Akande, senior special assistant to the president on media and publicity, [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":149823,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[1471,41064,15406,805],"class_list":["post-200206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-fec","tag-n3-87-trillion-non-oil-revenue","tag-vat","tag-yemi-osinbajo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FEC approves reforms to increase non-oil revenue by N3.8trn\u00a0annually<\/title>\n<meta name=\"description\" content=\"The federal executive 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