FG Outlines Growth Strategy for 2024 Budget
… Targets Savings, Tax Incentives, and Innovative Revenue
By Patience Ikpeme
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun has elaborated on the government’s strategy for promoting economic growth in the proposed 2024 budget.
He highlighted three key elements: fiscal discipline, targeted tax incentives, and innovative revenue generation strategies.
Edun emphasized that prioritizing savings will be key to achieving fiscal consolidation which translates to reducing unnecessary spending and accumulating resources for future investments.
Additionally, the minister announced plans to implement targeted tax incentives to encourage investment and economic activity. These could include tax cuts or other measures designed to attract businesses and entrepreneurs.
Furthermore, Edun revealed the government’s intention to explore innovative revenue generation strategies which he called ‘wholesale revenue’, like the sale of government assets or other wholesale transactions. This approach aims to supplement traditional tax sources and ensure adequate funding for the N27.5 trillion budget.
The minister expressed confidence that a “solid revenue performance” would significantly enhance the economy, further strengthening its foundations.
Turning to the Ministry of Finance’s future activities, Edun announced plans to spearhead digitalization initiatives aimed at improving efficiency and reducing costs. This, according to Edun, will have a positive impact on both governance and the economy at large. He emphasized the importance of digitalization in safeguarding against “wrongful use and invasion of the public service system.”
Edun reiterated the need for fiscal policy review and tax reforms to generate sufficient revenue for running the country. He believes these measures will attract domestic and foreign direct investments, leading to job creation and wealth generation.
The Minister also confirmed that the 2023 Supplementary Budget will run concurrently with the 2024 Appropriation Act.
In response to a question about the Service Wide Vote, Permanent Secretary Ministry of Finance, Okonkon Udo, clarified that it is domiciled within the Federal Ministry of Finance, making the Ministry the custodian of the Federal Budget.
