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President Bola Ahmed Tinubu Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country.
The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service to enable an efficient collection of all direct and indirect taxes, as well as levies on behalf of the Federal Government.
According to submissions made by the National Economy Sub-Committee, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.
The council further outlined the removal of fuel subsidy, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.
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Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu and Dr Doris Anite. A copy of the report submitted by the panel was obtained by our correspondent on Friday.
The report read in part, “Passage of an Emergency Economic Reform Bill to grant the President special powers to drive the economic reform agenda to declare a state of emergency in revenue generation and national security.
“Transform FIRS, Customs, NIMASA, etc into the Nigerian Revenue Service to collect all direct and indirect taxes and levies on behalf of the Federal Government.
“Reform the Central Bank of Nigeria, implement civil service reform/ Oronsaye Report.
“Make interim leadership appointments (to be ratified later by the National Assembly) and make temporary increases in fiscal circuit-breakers, e.g.debt limits, later ratified by the National Assembly.”
