Yemi Cardoso, the governor of the Central Bank of Nigeria, and Wale Edun, the minister of finance, are presently debating the economy in a sectoral session of the House of Representatives.
Before the parliamentarians are also Abubakar Bagudu, the Minister of Budget and National Planning, and Zach Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS).
You may remember that the House has been debating several areas in depth. The House conducted a similar retreat on the defense industry in November of last year.
In his speech, the FIRS Chairman told the lawmakers that the FIRS is not going to introduce any new taxation or increase the existing tax.
He noted that FIRS is not a revenue-generating agency but only serves as a collector. He added that he is confident that his agency is confident of exceeding the N19.2 trillion as stated in the 2024 budget.
“We are not a revenue generating agency, but a revenue collector. We only collect based on policies,” Mr Adedeji said in his statement.
He informed the lawmakers that the agency is struggling to get all petroleum tax due to oil theft and cuts in production.
At the time of filling this report, the Central Bank Governor is was speaking on the FX volatility and lack of liquidity in the market.
