SEC pledges co-operation on project light house

May 26th, 2019

The Securities and Exchange Commission (SEC) has pledged to co-operate with the Ministry of Finance on Project Light House recently inaugurated by the Minister, to assist the committee achieve set objectives.

Acting Director General of SEC, Ms. Mary Uduk who stated this weekend in Abuja, also commended the Minister on the initiative.

Uduk emphasized the need for collaboration among relevant agencies to assist the government in its revenue generation adding that Project Light House is a positive step in that direction.

“It is clear that data and information will certainly aid the generation of more revenue and in the long run all agencies will be better for it as there will be more resources for government to carry out development

“Data gathering and sharing is the way to go especially in this digital age, as when there is available data, information can be shared and that will increase compliance level as well as improve revenue generation”

The Acting DG said low revenue generation is a source of worry as whey government does not meet its revenue generation targets, it will be difficult to provide critical infrastructure that will encourage investment in the country.

She therefore pledged the full co-operation of the SEC to ensure that relevant data are made available when needed by the committee.

In her address, Minister of Finance, Mrs. Zainab Ahmed said one of the key economic policy objectives of the current administration, as contained in the Economic Recovery and Growth Plan, ERGP, is improving overall Federal Government revenues by targeting and increasing revenues fron non-oil revenue sources.

She said also aims, among other goals, to increase the tax base by drastically increasing the Company Income Tax and Value Added Tax compliance, bringing additional tax payers into the tax net, and increase Tax to GDP ratio from the current 6 percent to 15 per cent by the year 2020.

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