May 21, 2022

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NIGERIA FEDERAL GOVERNMENT TO DUMPS CBN POLICY

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NIGERIA FEDERAL GOVERNMENT TO DUMPS CBN POLICY



Federal Government of Nigeria is set to dump CBN forex policy on 41 items exempted from foreign exchange market. The new 2107 Fiscal Policy Roadmap prepared by the Ministry of Finance, Mrs. kemi Adeosun will aid the reduction of pressure in the parallel market.

The objectives of the 2017 Fiscal Policy Roadmap are address the barriers to growth that will drive productivity, generate jobs and broaden wealth and it will move Nigeria away from consumption economy to productive economy.

Measures have also been post in place to achieve the Objectives this include; various funding platforms with the private sector such as the Road Trust Fund which will give collective tax relief to companies that are willing to invest in road project. Already Dangote and Lafarge have taken this advantage.

Another measure is the Family Homes Fund which will help Nigerians to live in affordable homes. And restructuring the Export Expansion Grant (EEG) to a tax credit system, as well as rationalised tariffs and waivers in key export sectors.

According to the Ministry of Finance, Mrs. kemi Adeosun, “The Federal Government’s Fiscal Roadmap is addressing barriers to growth that will drive productivity, generate jobs and broaden wealth-creating opportunities to achieve inclusive growth”.

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