The Minister of Finance, Mrs Kemi Adeosun, has revealed that delay in passage of the 2018 budget would have some impact on the nation and cause some adjustments in implementation.
She said this during a news conference on Friday in Abuja, adding that the impact was because markets change and the cost of money in the market changes too.
Adeosun, however, said that the Federal Government would try to mitigate the effects of the delay.
The minister said the fact that the 2017 budget cycle began late in the year had helped a great deal.
Adeosun said that the financial systems were not closed on Dec. 31, 2017 to allow for projects implementation to continue.
She, however, said she was optimistic that the 2018 budget would be passed soon.
On tax, she said the Federal Inland Revenue Service (FIRS), and other tax authorities were doing a lot on enforcement of payment.
She said that the Voluntary Assets and Income Declaration Scheme (VAIDS), had helped in increasing the number of taxpayers captured in the tax base of the nation.
She said that the Federal Government recovered N13.8 billion from taxes through whistle blowers who gave useful tips about companies that deliberately underpaid their taxes.
She added that the 14 whistleblowers would be paid N439, 276 million in May.
According to her, cases are being prepared for prosecution for companies and individuals who refused to use the VAIDS window to remit their taxes once it closes on June 30.
Adeosun said that the Federal Government also sent out teams to visit some of its foreign missions to verify assets, adding that more than 108 landed properties were identified in various countries.
She said the properties do not necessarily belong to some of its foreign missions but that some of its agencies had some unrecorded properties abroad.
The minister also commented on the recent stalemate in revenue generation between the Federation Accounts Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC).
She said that it was not healthy for the process as it showed the level of scrutiny by all parties concerned to ensure that the nation got the right revenue figures.
Adeosun also said the Federal Government would not allow revenue leakages anymore, adding that it was working to ensure that those leakages were blocked.
On the issue of Nigeria’s debt profile, Adeosun said there was no cause for alarm as the nation’s debt to Gross Domestic Product (GDP) ratio was 20 per cent and one of the lowest in sub-Saharan Africa.
She said that the Federal Government recovered N13.8 billion from taxes through whistle blowers who gave useful tips about companies that deliberately underpaid their taxes.
She added that the 14 whistleblowers would be paid N439, 276 million in May.
According to her, cases are being prepared for prosecution for companies and individuals who refused to use the VAIDS window to remit their taxes once it closes on June 30.
Adeosun said that the Federal Government also sent out teams to visit some of its foreign missions to verify assets, adding that more than 108 landed properties were identified in various countries.
She said the properties do not necessarily belong to some of its foreign missions but that some of its agencies had some unrecorded properties abroad.
The minister also commented on the recent stalemate in revenue generation between the Federation Accounts Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC).
She said that it was not healthy for the process as it showed the level of scrutiny by all parties concerned to ensure that the nation got the right revenue figures.
Adeosun also said the Federal Government would not allow revenue leakages anymore, adding that it was working to ensure that those leakages were blocked.
On the issue of Nigeria’s debt profile, Adeosun said there was no cause for alarm as the nation’s debt to Gross Domestic Product (GDP) ratio was 20 per cent and one of the lowest in sub-Saharan Africa.
However, we have been refinancing treasury bills in the domestic market and replacing them with long term debt in the international market and that is reducing our cost of borrowing.
She said that presently, borrowings are tied to capital projects which would still be useful for many years to come.
