Passage of 2017 budget will take Nigeria out of recession – Udoma

Udoma Udoma, minister of budget and national planning, says the federal government is anxious to have the 2017 budget passed so as to begin the process of getting the economy out of recession.

Speaking with state house correspondents at the end of the federal executive council (FEC) meeting on Wednesday, Udoma said the 2017 budget will bring an end to Nigeria’s economic recession.

He expressed the government’s determination to get the country out of recession before the end of 2017.

“We are determined to get the economy out of the recession before the end of this year. And the 2017 budget is structured to do just that,” he said.

“So that is why we are anxious to get the budget passed so that we can begin the implementation and begin to take all the steps we need to get the economy out of recession.”

The minister said he briefed the council on the National Bureau of Statistics’ economic recovery growth plan.

“I also informed council of the release of the Economic Recovery Growth Plan which is already on the website of the ministry of budget and National Planning as well as the Budget Office,” he said.

Udoma added that the federal government was committed to making Nigeria’s “economy great again”.

“We are determined by the end of the plan to move from the negative growth that we experienced in 2016 to the growth rate of 7 per cent by 2020,” he said.


Source: The Cable

FG has no plans to increase taxes – Udoma Udoma

Udoma Udoma, minister of budget and national planning, says the federal government has no intention of increasing taxes.

In a statement signed by Akpandem James, Udoma’s media adviser, the minister said the government is working towards broadening its tax revenue base.

According to the statement, Udoma made the clarification while responding to a comment by Ben Bruce, a senator, at a public hearing of the joint session of the national assembly on the 2017 budget.

“A view has been expressed that we should not increase taxes, that we should broaden tax collection instead, that is precisely what is in the budget,” he said.

“There is no increase in VAT, there is no increase in company’s income tax, there is no increase at all in taxes, but people who are not paying taxes must be made to pay.

“So the idea is to increase revenue by broadening the tax base, not by increasing taxes.’’

The statement said Bruce had given the impression that the federal government was about to increase taxes, a development that he said would further worsen the economic fortunes of individuals and businesses.

While speaking on the economic recovery and growth plan, Udoma said government consulted with the private sector extensively on the plan.

He said the government had a clear vision and is determined path to get the economy out of recession.

“We are determined, thereafter, to begin to go back to the path of growth, a more diversified growth, not depending just on crude oil,” he said.

“We want to stimulate our manufacturing sector, we want to stimulate agriculture; so we have a coherent, cohesive plan.”