President Bola Ahmed Tinubu’s Policy Advisory Council has advised that the country declare a state of emergency in terms of revenue production. The council proposed merging the Federal Inland Revenue Service, the Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order to collect all direct and indirect taxes and levies on behalf of the Federal Government more efficiently.
The 90-page document also stated that CBN changes will help reach roughly $50 billion to $60 billion in external reserves. With a monthly inflow of at least $6 billion to $8 billion from export profits and other types of capital inflow, to support policy at an exchange rate of N500-N600 per dollar.
The council advocated on fiscal measures to be pursued, including the need to attain a domestic refining capacity of two million barrels per day while creating economic opportunity for host towns. They also proposed one-time Personal Income Tax reliefs for low-income earners for up to a year as non-cash palliatives to mitigate the impact of the withdrawal of gasoline subsidies.
Privatize, concession, or sell down FGN’s ownership in corporate assets to partners and other investors (perhaps with a buyback option) to produce liquidity in the short to medium term (concentrate on sub-optimal assets, such as NNPCL refineries)”. Utilize blockchain technology to create and provide access to a government land registry, as well as to regionalize and concession the power transmission grid.” Furthermore, the advisory committee advocated extending the circulation of old naira.