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$1 trillion economy: Tinubu’s advisor out-line a to-do list

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The Policy Advisory Council of Bola Tinubu’s new administration has proposed an ambitious plan to boost Nigeria’s economy to $1 trillion within the following eight years.

Although this budget represents a sizable sum to reserve for the economy. What specifically needs to be done with such a sum raises the question. Even though the economy requires a lot of work, it also needs to be shown how this money is being used. People’s minds will be at ease knowing that the nation’s money is not being stolen thanks to this.

The Federal Government intends to reach this economic milestone by putting in place several initiatives, according to the recently released Policy Advisory Council Report, dated May 2023.

Also, on Thursday, Mr Kashim Shettima acknowledged the enormous task that lay ahead.

“It is a huge task to expand our economy, but you and I asked for this job. At the inauguration of the NEC yesterday, Tinubu said, “We campaigned for it, we danced for it, and we even begged for it, so we have no reason to complain.

The initiatives of the policy advisory council will aim for a consistent average annual GDP growth rate of 7%, ensuring sustainable economic growth.

Tokunbo Abiru, a politician and banker, Yemi Cardoso, the president and/or CEO of the Africa Finance Corporation, Samaila Zubairu, and Doris Anite, the commissioner for finance and coordination of the economy for the Imo State, are all members of the Policy Advisory Council.

“The Federal Inland Revenue Service (FIRS), the Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency (NIMASA) should all be transformed into the Nigerian Revenue Service, which will collect all direct and indirect taxes as well as levies on behalf of the Federal Government,” said the council, to achieve its goal of having a $1 trillion economy by 2030.

It also included the reform of the central bank, the implementation of the Oronsaye report’s recommendations for civil service reform, the development of the solid minerals industry to its full potential, the appointment of interim leaders (whose terms would later be approved by the National Assembly), and the temporary raising of fiscal circuit-breakers like debt ceilings, which would later be approved by the National Assembly.

The $1 trillion economy roadmap is said to outline a series of strategic measures that cover fiscal policy, monetary policy, the capital market, and the industry and trade sectors. We’ll update if we see all these strategic moves in action.

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