The Policy Advisory Council of Nigeria's President Bola Ahmed Tinubu has recommended declaring a state of emergency regarding the country's revenue generation.
The gathering likewise proposed the consolidation of the Bureaucratic Inland Income Administration, Nigerian Traditions Administration, and the Nigerian Sea Organization and Security Organization into the Nigerian Income Administration to empower a proficient assortment of all immediate and backhanded charges, as well as duties in the interest of the National Government.
The Emergency Economic Reform Bill, which will grant the President special powers to drive the economic reform agenda and support the delivery of sustainable and inclusive economic growth, will aid the policy, according to submissions made by the National Economy Sub-Committee.
The removal of the fuel subsidy, the sale or concession of specific government assets, the transition to a transparent and unified foreign exchange rate system, the deepening of tax collection, and the optimization of operating expenditures to reduce costs were also outlined by the council as goals that the president should work toward achieving within the first one hundred days of his or her term.
Senator Tokunbo Abiru (chair), Dr. Yemi Cardoso, Sumaila Zubairu, and Dr. Doris Anite are the Policy Advisory Council members. Our correspondent was able to obtain a copy of the panel's report on Friday.
The council's report, which is about reforms to the industry, trade, and capital markets as well as fiscal and monetary policies, emphasized that changing the Central Bank of Nigeria and temporarily increasing fiscal circuit breakers like debt limits would help Nigeria grow its GDP by N1 trillion and create over 50 million jobs for citizens in eight years.
In addition, the 90-page document proposed that, in order to support the policy at a rate of N500-N600/$, monthly inflows of at least $6 billion to $8 billion from export earnings and other forms of capital inflows would help achieve approximately $50 billion to $60 billion in external reserves through CBN reforms.
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