FG approves new national tax policy, sets up panel on rising food prices

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FEC Meeting - FG Sets Up Committee To Tackle High Food Price
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FEC Meeting - FG Sets Up Committee To Tackle High Food Price
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• Okays upgrade of facilities in 21 airports

The Federal Executive Council (FEC) has approved a new National Tax Policy for the country. The policy is expected to guide the operation and review of the nation’s tax system and provide the basis for future tax legislation and administration.

The council has also set up an inter ministerial task force to urgently consider measures that would ensure a steady flow of produce to the market and reverse the rising food prices across Nigeria.

Members of the task force include the Ministers of Agriculture & Rural Development, Audu Ogbeh, Finance: Kemi Adeosun, Industry, Trade & Development: Okey Enelamah, Transportation: Rotimi Amaechi, Water Resources: Suleiman Adamu, Labour and Employment: Dr. Chris Ngige.

The offices of the Chief of Staff to the President and the Senior Special Assistant to the President on Sustainable Development Goals, SDGs, would also be on the task force.

Acting President Yemi Osinbajo had during the council meeting yesterday expressed concern at the rising inflationary rate of food prices, noting that the task force would explore options to promote availability and affordability of food items to Nigerians.

Adeosun, who briefed State House Correspondents after the FEC meeting presided by Acting President Yemi Osinbajo yesterday, said the implementation of the policy would effect an increment in Value Added Tax (VAT) on all luxury goods.

With the implementation of the policy, which begins immediately, the ministry of finance working with other relevant agencies of government including the Federal Inland Revenue Service (FIRS) would liaise with the National Assembly to effect changes in the existing tax policy.

Minister of Information and Culture, Lai Mohammed, while also briefing newsmen said the committee hopefully is expected to report back to council next week and concrete actions would be taken.

FEC also approved the upgrade of facilities in 21 airports across the country. Minister of State Transport (Aviation) Hadith Sirika said the project would include total radar coverage system, automation and pilots briefing rooms all that were tampered with during renovation projects.

The 21 airports include Lagos, Kano, Abuja, Port Harcourt, Ilorin, Sokoto, Maiduguri, Jos, Yola, Calabar, Enugu, Owerri, Kaduna, Benin, Osubi-Warri, Katinsa, Zaira, Minna, Bauchi, Ibadan and Akure.

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  • Failed government! So your interest in the geometric rising food stuff costs is to make life worse for many Nigerians by reviewing upwards your value added tax, which you know too well would not reduce the already neck-breaking suffering state of Nigerians but increases it. Instead of setting up a price control board or reactivate the existing one (if any) to look into the buying and selling prices of food items with the intention of appropriate pricing. What a shame!!!

    • Philip Tudor

      The review on cost of rising food stuff is a good idea, people are unnecessarily increasing the price of food stuffs and causing panic.

  • chuks dom

    so how will this work, FG will set the prices of food stuffs in the market, then the market woman will complain about the transporter hike in price, the FG will set up another task force for transporters, then the transporter will complain………. “arrant nonsense” we don enter one chance. Nigeria are being getting payback for bringing in incompetent, selfish, clueless and tired old men as leaders. why not provide rice millers, palm kernel crushers, improved seed for people farm, and sell all their houses in Dubai, London and start a farm in Nigeria or easy go and ask the Willie Obaino. SMHHHHHHHHHHHHHHH

    • Philip Tudor

      If you had read well you would see that the tax increase is for luxury
      goods like champagne, yatch, helicopters etc. And it was first announced
      by NOI in 2014 but nothing was done about it.

  • Abduljelil Taiwo Ayanlola

    What price review can they control or amend when they lack absolute control of the markets. You can’t control d prices of goods and services when you actually have no input during d production of such goods. Only in places where subsidise and reduction in d factors of production are applied that such regulation can work. Not in a place where the cost of production of any good is high.