The Federal Government is preparing to seek approval from the National Assembly for a N6.6 trillion supplementary budget to fund the Accelerated Stabilization and Advancement Plan (ASAP). This is aimed at driving President Bola Tinubu’s “8 Priorities” for economic growth.
The ASAP plan, developed by Finance Minister Wale Edun, focuses on four critical sectors: Agriculture and food security, Energy (Power and Gas), Health and social welfare, and Business support. Key recommendations include the commercialization of the Transmission Company of Nigeria (TCN), procurement of smart meters and distribution transformers, and significant investments in IT infrastructure and business expansion.
To implement ASAP, President Tinubu plans to issue 20 Executive Orders (EOs) covering various economic measures, such as import duty and VAT suspensions, tax exemptions, and incentives for wage awards and transportation subsidies. The EOs aim to enhance productivity, support low-income workers, and streamline tax processes.
Specific initiatives include creating a Tax Information Consolidation & Collaboration Data Bank, mandating the use of National Identification Numbers (NIN), and integrating sustainable energy sources to increase electricity supply to 6 GW by December 2024. These measures are designed to bolster the economy, reduce costs, and enhance efficiency across government operations.
Source: Vanguard