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LequteMan
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The National Economic Council (NEC) on Thursday raised alarm over the dwindling Excess Crude Account (ECA) occasioned by the drop in oil price.
Addressing State House correspondents after the monthly NEC meeting in Abuja, the Deputy Governor of Lagos State, Mrs Adejoke Adefulure, said the Minister of State for Finance, Alhaji Bashir Yuguda, briefed the council on the state of the nation’s excess crude account.
``The Minister of State for Finance, who represented the Minister of Finance, reported to Council that the excess crude account stands at 4.1 billon dollars.
``The Minister stated that the drop in oil price is affecting the inflow of money in to the excess crude account but the Federal Government is trying hard to stabilize the currency.
She announced that the council approved the need for the Inspector General of Police to enforce the directives for the dismantling of road blocks for revenue collection on the highways across the Federation.
According to her., the council also directed the Federal Ministry of Finance, Federal Inland Revenue Service, Joint Tax Board and the Office of the Attorney General of the Federation to commence the process of amending the Value Added Tax (VAT) Act with emphasis on the review of the VAT rate.
She said the council considered and approved the ‘attaché schedule’ containing the reviewed list of taxes and levies collectable by the three tiers of government for publication by the Joint Tax Board (JTB).
Adefulure stated that the council directed the Ministry of Mining and Solid Development and all the relevant agencies at the state level to work closely to resolve all issues associated with the mining of solid minerals nationwide and make appropriate recommendations to NEC.
#Nigeria #NEC
Addressing State House correspondents after the monthly NEC meeting in Abuja, the Deputy Governor of Lagos State, Mrs Adejoke Adefulure, said the Minister of State for Finance, Alhaji Bashir Yuguda, briefed the council on the state of the nation’s excess crude account.
``The Minister of State for Finance, who represented the Minister of Finance, reported to Council that the excess crude account stands at 4.1 billon dollars.
``The Minister stated that the drop in oil price is affecting the inflow of money in to the excess crude account but the Federal Government is trying hard to stabilize the currency.
She announced that the council approved the need for the Inspector General of Police to enforce the directives for the dismantling of road blocks for revenue collection on the highways across the Federation.
According to her., the council also directed the Federal Ministry of Finance, Federal Inland Revenue Service, Joint Tax Board and the Office of the Attorney General of the Federation to commence the process of amending the Value Added Tax (VAT) Act with emphasis on the review of the VAT rate.
She said the council considered and approved the ‘attaché schedule’ containing the reviewed list of taxes and levies collectable by the three tiers of government for publication by the Joint Tax Board (JTB).
Adefulure stated that the council directed the Ministry of Mining and Solid Development and all the relevant agencies at the state level to work closely to resolve all issues associated with the mining of solid minerals nationwide and make appropriate recommendations to NEC.
#Nigeria #NEC