The minister of finance and coordinating minister of the economy, Wale Edun, has announced that the federal government of Nigeria injected N1 trillion worth of palliatives into the manufacturing sector over the past year.
This initiative aims to revitalise the sector and has already shown positive outcomes, the chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, also emphasised the importance of legacy projects and infrastructure development in making the manufacturing sector more viable.
These statements were made during a public hearing on the Finance Act (Amendment) Bill 2024, organised by the National Assembly joint committee on Finance.
In response to a request to include the manufacturing sector as a beneficiary of the proposed tax on banks’ foreign profits (windfall tax), the minister assured that the sector has already been taken care of through the injection of N1 trillion worth of palliatives.
Adedeji further explained that the proposed one-time windfall tax is intended to redistribute wealth and benefit various sectors. He highlighted that the strategic programs of President Bola Tinubu’s federal government are focused on rejuvenating the manufacturing sector.
