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Henry Uche
As the life Span of Economic Recovery and Growth Plan( ERGP) ends next year, the Federal Government has begun works on a new economic blue print to replace the current one at its sunset.
In a report by Nigeria Investment Promotion Commission, (NIPC intelligence,) the Minister of Budget and National Planning, Zainab Ahmed, hinted recently.that work has already commenced on the new blueprint with Minister of State Budget and National Planning preparing a Medium-Term Economic Growth Acceleration Plan for 2021-2024 as a successor to the ERGP.
At the a conference on Capital Markets Investment organised by Business Day Media, with the theme “Market recovery, innovation and regulation in Nigeria” Ahmed reiterated government’s resolve to introduce tax incentives for investments in infrastructure and capital market.
She stressed that the plan to introduce the incentives formed part of the Finance Bill recently submitted to the National Assembly by the government. The finance bill, contains five strategic objectives aimed at achieving incremental but necessary changes to the country’s tax and fiscal laws.
The minister said among these strategic objectives is the introduction of tax incentives for investments in infrastructure and capital markets, and specifically, the introduction of tax rules. The tax rules, according to her, would complement existing regulations of the Securities and Exchange Commission (SEC) for securities lending transactions on the Nigerian Stock Exchange (NSE). “The Draft Finance Bill, which accompanied the 2020 Executive Budget Proposal submitted by President Muhammadu Buhari to the National Assembly on October 8, 2019 included five strategic objectives aimed at achieving incremental but necessary changes to the country’s tax and fiscal laws.
