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Business

FG launches SRGI 2.0, as it targets revenue to GDP of 15% by 2023

The Minister said that FG is working on the second phase of the SRGI as well as a targeted revenue to GDP of 15% by 2023.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Federal Government is currently working on the second phase of the Strategic Revenue Growth Initiative (SRGI 2.0) as well as driving towards achieving a target revenue to GDP of 15% by 2023.

This was disclosed by the Minister of Finance, Dr. Mrs. Zainab Shamsuna Ahmed during her presentation at the virtual event of the Nigerian Economic Outlook 2021 hosted by Deloitte Nigeria.

The Strategic Revenue Growth Initiative (SRGI) was launched last year by the federal government for identifying and exploiting sources that would largely boost and diversify the revenue base of the country.

According to Dr. Ahmed, the second phase of the initiative (SRGI 2.0) has become imperative having reviewed strategies, identified challenges and as well as re-assessed the prospects and opportunities in pursuing the objectives.

READ: Nigerian customs records N1.3trillion revenue in 2019, exceeds target by N404billion 

In her own words,

  • “SRGI 2.0 involves a top-down approach that is driven by enhanced data and technology to complement a bottom-up approach aimed at improving operational efficiencies.
  • “We are willing and available to partner with all states governments yet to join on this transformative journey.”

READ: FG approves contracts worth over N26.7 billion for projects

The Honorable Minister of Finance outlined 3 key thematic areas covered by the SRGI as achieving sustainability in revenue generation, identifying new and enhancing the enforcement of existing revenue streams, as well as achieving cohesion in the revenue ecosystem (people and tools).

READ: FG identifies initiatives to grow revenue

What you should know

  • Through this strategic initiative, the government intends to build and strengthen sustainable revenue generation systems through the application of the right incentives, safeguards and performance management systems.
  • There are several initiatives under the SRGI with the revenue generation and enhancement potential, which are to be closely monitored using data-driven performance management to achieve the results and set targets.
  • FG is favourably disposed to partnering with interested states ministries of Finance and states revenue generating agencies in achieving the set target revenue to GDP of 15% by 2023.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

Apapa gridlock: NPA MD says e-Call up will eliminate human intervention and extortion

The MD of the NPA has stated that the introduction of the e-call up system will eliminate extortion by enforcement and security officers.

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Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said that the introduction of the Electronic Call-up system will eliminate human intervention from the process thereby eliminating extortion by enforcement and security officers.

This is as she also revealed that shipping companies make billions of naira from importers forfeiting their deposits for returned containers due to congestion in and around the ports.

This was disclosed by Bala-Usman during an interview on Channels Television.

The NPA boss said that one of the solutions being introduced is to create holding bays outside the ports for empty containers, so that the containers will no longer be returned to the ports, but instead to these holding bays, with shipping companies taking responsibility.

READ: CBN to sanction exporters who default on export proceed number

What the NPA Managing Director is saying

Bala-Usman said, ‘’We have reached a point where we are going to have a strong Electronic Call up that will remove human intervention from the process. One of the key aspects of this E-Call up is the fact that we have approved truck parks where all trucks must sit in order to access the port location.

‘’Having identified this truck park through a public process, we have listed eight truck parks that have been so certified by Lagos State Government and Nigerian Ports Authority as approved truck parks that all trucks that have the intention of doing business in the port will sit and they will be called upon using an electronic call-up.’’

Going further she said, ‘’40-50% of trucks causing congestion are actually trying to return empty containers. Shipping companies make billions of naira from importers forfeiting deposits for returned containers, most deposits are forfeited because of congestion, a status quo that pleases shipping companies.

‘’One solution being introduced is to create holding bays outside the ports for empty containers. So consignees no longer need to return the containers to Ports, but instead to holding bays, where Shipping companies will take responsibility.’’

While acknowledging the fact that there will be glitches and teething issues in the deployment of the electronic call-up system, she, however, said we must start and address the issues as they arise.

READ: NPA expects 23 ships with petrol, food items, other commodities at Lagos Ports Complex

What you should know

  • As part of measures to resolve the gridlock around the ports axis, the NPA had launched an Electronic Truck call-up system, Eto, designed for the management of truck movement and access to and from the Lagos ports.
  • This is to also help complement the drive for a business-friendly and secure environment for port business in Nigeria.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.
  • The Lagos State Government through its newly constituted Traffic Management Enforcement Team to resolve Apapa gridlocks and the Nigerian Port Authority Security Team also identified parks as holding bay for trucks around the metropolis.

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NAHCO recalls suspended GMD

NAHCO recalled Adetokunbo Fagbemi, its Group Managing Director and Chief Executive Officer.

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NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO Aviance) has recalled Mrs. Adetokunbo Fagbemi, the Group Managing Director and Chief Executive Officer of the aviation handling firm.

The GMD was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

This was disclosed by the Board via a statement issued and seen by Nairametrics on Thursday.

It stated, “The Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

What you should know

  • The GMD was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.
  • Since Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO.

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