Tinubu’s Advisory Council: 5 Propositions That Could Move Nigeria Forward

Members of President Bola Ahmed Tinubu’s Coverage Advisory Council have introduced sure propositions that can transfer Nigeria ahead. The coverage advisory council embrace Senator Tokunbo Abiru (chair), Dr Yemi Cardoso, Sumaila Zubairu, and Dr Doris Anite. Let’s check out a few of the propositions.

Merge FIRS, NCS, and NIMASA

The council proposed the merger of the Federal Inland Income Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Maritime Administration and Security Company (NIMASA) into the Nigerian Income Service. They defined that merging these companies collectively will allow an environment friendly assortment of all direct and oblique taxes, in addition to levies on behalf of the Federal Authorities.

Prioritise CBN reforms

The President’s advisory council really useful that reforms within the Central Financial institution of Nigeria, CBN will assist obtain about $50-60 billion in exterior reserves, with a month-to-month influx of not less than $6-8 billion from export earnings and different types of capital influx, to help the coverage at an trade fee of N500-N600/$.

Enhance the nation’s refining capability

In addition they suggested that the nation obtain a home refining capability of two million barrels per day. The advisory partly reads, “Ramp up manufacturing capability to 4 million barrels from offshore and onshore belongings inside 4 years and develop crude oil income and financial savings into ECA and NSIA. Formalise unlawful refineries and encourage modular refineries to create financial alternative for the host communities.”

Promote authorities belongings to settle money owed

Tinubu’s advisory council additionally proposed the sale or concession of some chosen authorities belongings. It famous that there ought to be a coverage directive that ensures proceeds from the sale of belongings to settle current FGN debt obligations.

Lengthen outdated naira notes to December 2024

Lastly, they proposed the extension of the outdated naira circulation until December 2024. The council wrote, “Lengthen the December thirty first, 2023 deadline to December thirty first, 2024 (if required), and usher in new notes by way of the deposit cash banks by 5% month-to-month and take out the outdated notes by way of the deposit cash banks by the identical 5%  to unravel money scarcity.”

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