Amid revenue shortfall pressures, the Federal Government
intends to introduce new taxes in the fiscal year 2019 as part of its efforts
to boost revenue. Briefing the media in Abuja on the 2019 budget, Minister of
Finance, Mrs. Zainab Ahmed, said that the current focus of the ministry is on
revenue because government has resolved to mobilize more domestic revenue so
that it can better fund the budget.
She stated: “As you can see from the performance (of 2018
budget) that there is a gap between what is in the budget and what is actually
generated. So, we are doing what we can and very soon we will be generating new
revenue initiatives which will include a new set of taxes and excise duties but
also working with FIRS and Customs to enhance measures for enforcement and also
for compliance.
“By doing what we are doing, we might be having to go to the
National Assembly to amend some laws that we have identified which have some
gaps, some loopholes. We are doing everything we can to make sure our budgets
are better funded, going forward, and it will start from 2019.”
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