Federal Government Cries Out Over another Phase of Recession in falling Revenue. The double tragedy of falling fuel prices and low revenue could plunge Nigeria into another recession season if care is not taken.
This was made known during an interactive session on the 2021-2023 Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
Clement Agba, revealed that the Nigerian economy is likely to lapse into a second recession in four years, unless we achieve very strong economic performance in Q3 2020.
Clement also revealed that the Government instituted a fiscal measures aimed at improving revenue and entrenching a regime of prudence with emphasis on achieving value for money.
The goal of the fiscal interventions, according to the Federal Government, would be to keep the economy active through carefully calibrated regulatory or policy measures designed to, among others, boost domestic value-addition, de-risk the enterprise environment, attract external investment and sources of funding.
Agba said that the Federal Government was also improving the tax administration framework to optimize government revenue. He stressed that this had been a major thrust of the Administration’s Strategic Revenue Growth Initiative (SRGI).