He emphasised that the matter of accounting for oil revenue is of utmost importance, “and clearly whatever we have met as a way of monitoring oil revenue and payment into the federation account will be done.”
Mr Edun concurred with the widely held view that the Federal Government must establish a system for depositing funds into government coffers using exchange rates.
He revealed that the current administration's strategy is to augment revenue from taxation, underlining the necessity to enhance the efficiency of tax administration collection.
The minister stated that the government relies on foreign direct investment, as well as domestic and private sector contributions, to bolster the economy.
He expressed concern that the government was not allocating sufficient funds to key infrastructure and highlighted the need to scrutinise why certain expenditures appeared to be overestimated.
Mr Edun noted that the multitude of taxes was being streamlined, pointing out that 90 per cent of tax revenue from the government originates from a specific tax end.
He clarified that all other funds collected in the name of taxes and levies do not contribute to the government coffers.
Mr Edun announced that a thorough overhaul of tax administration has been carried out through the agency of the tax reform committee.
This, according to him, has a lot to operate with and will be suggesting ways to go about the tax system.
In response, Chairman of Appropriation, Abubakar Bitchi, emphasised the need to scrutinise the 2024 budget proposal to support the President’s renewed hope agenda.
He stressed that additional funding is required to achieve this, and stated that revenue-generating agencies were summoned to ensure Nigeria secured the necessary funds.
He added, ‘‘We need to find a way out to achieve the objective of the President’s renewed hope budget. Nigerians are happy that we are reducing borrowing.’’
(NAN)