Wednesday, December 25

Implementation of Finance Act 2019 Will Help Curb Borrowing—SGF

By Dayo Omoogun The Secretary to the Government of the Federation, Boss Mustapha, has disclosed that one of the major reasons for the enactment of the 2019 Finance Act is to substantially shore up the government’s revenue through improved tax collections and thereby avoid incessant borrowing. He said this in his office when the Executive Chairman Mr. Mohammed M. Nami as well as the Board members of the Federal Inland Revenue Service (FIRS) paid him a courtesy visit. According to Mustapha, despite various tax concessions granted to workers and small scale businesses under the new law, the government is optimistic of much higher tax revenues under the Act which will bridge the yawning gaps between government income and expenditures; resulting in reduced propensity to borrow. While using the opportunity of the visit to present their letters of appointment to them, the SGF urged the Chairman and his board members to develop proactive strategies which will enable them deliver on their mandate, stressing that the Federal Government “needs all the money it can get to enable Mr. President deliver on his mandate”. In his response Mr. Nami solicited the support of all and sundry to enable them succeed on their assignment while promising that he and his team would work hard to justify the confidence reposed in them.

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