Economy

FG introduces new initiative to grow revenue for national development

 

As part of efforts to boost the nation’s revenue, the Federal Government on Wednesday introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development.

The Minister of Finance, Mrs Zainab Ahmed at the official inauguration of the initiative in Abuja said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.

Representatives of the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Accountant-General of the Federation and Nigeria Sovereign Investment Authority were present at the launch.

Also present, were representatives of the Debt Management Office (DMO), Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM).

The major revenue generating agencies made presentations on the initiatives they would introduce in their respective agencies to increase revenue.

“The initiative will be implemented in the areas of achieving sustainability revenue generation to optimally collect revenues to maintain fiscal buoyancy and resilience.

“We will also be looking at new revenue streams and enhanced enforcement with regards to revenue collection on our existing revenue streams.

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