Chukwu David 
…As FIRS boss says legacy projects are to reinvigoration of sector
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Tuesday, disclosed that the Federal Government had injected palliatives worth N1trillion into the manufacturing sector within the last one-year.
Edun made this disclosure during a public hearing on the Finance Act (Amendment) Bill 2024, organized by the National Assembly Joint Committee on Finance.
This was as the Chairman of the Federal Inland Revenue Service (FIRS) Mr Zacch Adedeji, declared that accelerated stabilization funds which focus on reinvigorating the manufacturing sector are being injected, aside series of legacy projects, geared towards putting in place an infrastructure to make the sector more viable.
The Minister in his response to a request made by members of the Committee that the Manufacturing sector should be considered as a beneficiary from the proposed tax on banks’ foreign profits (windfall tax), said that the sector had already been taken care of.
“Palliatives worth N1trillion have been injected into the manufacturing sector within the one-last year with attendant positive results in terms of reinvigoration”, he said.
Earlier in his presentation to the joint (Committee Chaired by Senator Sani Musa APC Niger East), the Chairman of FIRS, Zacch Adedeji, said that the proposed one-time windfall tax was geared towards redistribution of wealth, which according to him, would be beneficial to the various sectors.
He, however, explained that strategic programmes of President Bola Tinibu-led federal government were targeted at reinvigorating the manufacturing sector.
“Accelerated stabilization funds focusing on helping the manufacturing sector are already being doled out aside legacy projects strategically targeted at making the sector more vibrant and viable.
“Some of these strategic projects that would in terms of infrastructure, reinvigorate the sector, are the Badagry- Sokoto Highway which would make the journey from Badagry to Sokoto 11 hours.
“Also, the Lagos- Calabar Coaster Highway is another strategic road infrastructural project that will bring about the required connectivity for reinvigoration of the manufacturing sector.
The plan of President Bola Tinubu on the economy, manufacturing sector and development generally is very robust,” he said.
Sharing percentage from the one-time windfall tax between the federal government and the banks, was however, not agreed upon before the Minister, as the FIRS boss and representative of the Governor of Central Bank of Nigeria (CBN), were excused from the meeting.
President Tinubu had in an executive bill forwarded for approval by both chambers of the National Assembly, proposed a 50% sharing formula for both parties, which some members of the Committees, suggested for upward review.
