The Federal Government is considering the merger of the Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency (NIMASA) and the Federal Inland Revenue Service ( FIRS) into a single revenue-generating entity to enhance the revenue collection drive of the federal government.

This followed the recommendation of the President’s Policy Advisory Council which said a state of emergency should be declared on the revenue generation in the country.

Members of the Policy Advisory Council are Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila Zubairu, and Dr. Doris Anite.

According to the report of the economic advisory team, the policy will be aided by the passage of an Emergency Economic Reform Bill which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth.

The council further outlined the removal of fuel subsidies, sale or concession of select government assets, transition to a transparent and unified foreign exchange rate system, deepening tax collection and optimization of operating expenditure to reduce cost, as targets to be pursued by the President towards the achievement of some milestones within the first 100 days in office.

The council’s report, which focuses on fiscal and monetary policies, industry, trade and capital market reforms, emphasised that changes in the Central Bank of Nigeria and temporary increases in fiscal circuit breakers such as debt limits would help achieve N1trn Gross Domestic Product growth and over 50 million jobs for citizens in eight years.

Slyenews.com