• Wed. Feb 8th, 2023

    MISSING N89.1TRN STAMP DUTY REVENUE: Finance Minister Says FG Is Investigating

    Minister of finance, budget and national planning, Zainab Ahmed, has said that the allegation of missing stamp duty revenue is currently being investigated by the National Assembly and security agencies.

    Ahmed said if the allegation proves to be true and funds were recovered, it would help government to finance its huge budget deficit.

    The minister made the remarks on Wednesday at the public presentation and breakdown of the highlights of the 2023 Budget in Abuja.

    Recall that a member of the House of Representatives, Muhammed Gudaji Kazaure, had raised the alarm of alleged theft of N89.1 trillion stamp duty proceeds, accusing governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, of being behind the missing money.

    The minister said both oil and mining sectors were pulling the national economy back. She also pointed to the costly fuel subsidy regime as one of drain on the economy.

    The minister said the oil sector only contributed 22 per cent to the economy in 2022, a development she said was an indication that “the economy is truly, truly diversified.”

    Mrs Ahmed said the non-oil sector, driven by communications and agriculture has grown the economy significantly.

    Ahmed also disclosed that government recorded N18.14 trillion aggregate expenditure, including the supplementary budget in the 2022 budget implementation.

    Mrs Ahmed announced that the federal government would be exiting some industries from pioneer tax incentive list, even though she acknowledged that it may be an unpopular move that is likely to draw public criticism.

    She, however, added that infant industries would be included on the list to enjoy tax incentive to encourage their survival.

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