The Minister of Finance, Budget and National Planning, Zainab Ahmed, says despite the Federal Government’s efforts to leverage the benefits of tax exemptions and concessions, the incentive has rather led to huge revenue loss to the government.
The Minister represented by the Director Technical Services in the Ministry, Fatima Hayatu stated this in Abuja, at the workshop on tax expenditure organized by the ECOWAS Commission under the context of the implementation for Tax Transition in West Africa, pointing out that the programme is aimed at improving the management of domestic taxation.
Free Trade Zones operators and enterprises in zones under the umbrella body of Nigeria Economic Zones Association have decried the breach of existing laws and regulations establishing the zones by the National Assembly, ministries, departments and Agencies of the Federal Government.
The operators warned that the action may erode gains made in attracting up to twenty-five billion dollars in foreign direct investment in the country, as it is also violating terms entered with foreign investors.
A consortium of Falcon Corporation, ND Western Midstream Limited and First Hydrocarbon Nigeria Gas Limited, have signed a gas infrastructure development agreement worth over twenty-five million dollars in the Lagos Free Zone.
According to the Chief Financial Officer, Kayode Olatunbosun, the investment, which is for the construction phase, would be funded through equity.