Babatunde Solanke
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun,Tuesday said the federal government has
injected palliatives worth one trillion naira into the manufacturing sector within the last one year.
This is coming on the heels of a declaration by the Chairman of the Federal Inland Revenue Service ( FIRS) Mr Zacch Adedeji, that the series of legacy projects by President Bola Ahmed Tinubu are geared towards putting in place infrastructure to make the sector more viable.
The duo stated these on Tuesday during a public fun hearing on the Finance Act ( Amendment ) Bill 2024, organized by the National Assembly joint committee on Finance.
The Minister,in his response to request made by members of the Committee that the manufacturing sector be considered as beneficiary from the proposed tax on banks forex windfall tax said the sector has already been taken care of.
“Palliatives worth N1trillion have been injected into the manufacturing sector within the last one year with attendant positive results in terms of reinvigoration,” he said.
Earlier in his presentation to the joint committee Chaired by Senator Sani Musa (APC Niger East), the Chairman of FIRS, Zacch Adedeji said the proposed one time windfall tax is geared towards redistribution of wealth which according to him, would be beneficial to the various sectors .
He,however,explained to members of the joint committee that strategic programmes of President Bola Tinibu led federal government , are targeted at reinvigorating the manufacturing sector .
“Accelerated stabilization fund focusing on helping the manufacturing sector are already being doled out aside legacy projects strategically targeted at making the sector more vibrant and viable.
” Some of these strategic projects that would, in terms of infrastructure, reinvigorate the sector , are the Badagry – Sokoto Highway which would make journey from Badagry to Sokoto 11hours
“Also, Lagos – Calabar Coaster Highway is another strategic road infrastructural project that will bring about the required connectivity for reinvigoration of the manufacturing sector.
“The plan of President Bola Tinubu on the economy , manufacturing sector and development generally is very robust,” he said.
Sharing percentage from the one time windfall tax between the federal government and the banks , was however not agreed upon before the Minister , the FIRS boss and representative of the Governor of Central Bank of Nigeria ( CBN), were excused from the meeting .
