Minister of State for Budget and National Planning, Zainab Ahmed yesterday said that the Federal Government plans to review its existing tax incentives with the intention of further blocking revenue leakages in the economy.
Ahmed was speaking at the conference of African Ministers of Finance and Economic Planning in Addis Ababa Ethiopia.
The minister said with the fall in the price of crude oil , the Federal Government had started strengthening tax revenue collection agencies.
She said this administration plans to continue to finance its subsequent budgets through non-oil sector revenue which was why it was very serious about blocking all leakages in the tax system.
“We are also pulling back some of the waivers that we feel are absolutely unnecessary and are rather slowing down the economy and are simply a drain on our resources. We are trying to bring in revenue that was not properly harnessed from government-owned entreprises that were before now, making money and spending it with little or no returns to the government.”
