Why FG raised taxes, tariffs, by Adeosun

March 14th, 2018

By Chika Otuchikere

The Minister of Finance, Mrs. Kemi Adeosun, has explained that the Federal Government is mobilising domestic revenue through taxes to improve the economy and foster economic development.

Adeosun, in her opening remarks at the sixth Steering Committee meeting of the International Monetary Fund (IMF)–Africa Regional Technical Assistance Centre (AFRITAC) West 2, said that the Federal Government this week announced a rise in excise duties for alcoholic beverages and tobacco and has been vigorously chasing taxes through its Voluntary Assets and Income Declaration Scheme (VAIDS).

Adeosun, who called for more technical and institutional support for West African countries, said that it would impact significantly on the capacity development within the region.

She said: “The ability to mobilise resources and build institutions with the capabilities to allocate them effectively, is the foundation of a strong economic management engine.

“The transfer of these technical capabilities and the emergence of stronger institutions will increase the economic resilience of member-countries. These countries will have the technical capability to successfully and independently manage their economies to deliver on critical development imperatives,” she said.

The Coordinator of AFRITAC, Mr. Oral Williams, said that the Centre had executed 150 capacity development activities in member-countries

Delegates from Ghana, Cape Verde, Liberia, Sierra Leone, The Gambia and Nigeria attended the meeting.

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