Business
Ministry of Finance Launches Digital Platform For Enhanced Overnight of Duty Exemptions Organizes Stakeholders’ Workshop
In a significant advancement to streamline fiscal management, the Honourable Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun has announced the integration of the Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme, thereby allowing for enhanced monitoring and evaluation.
The IDEC programme strategically reduces import duty burdens for priority sectors such as manufacturing, agriculture, and healthcare, stimulating economic growth and national development.
Integrated into the IDEC framework, the newly launched IMEP ensures that only eligible entities benefit, rigorously enforcing compliance and optimising tax expenditures to reduce waste, block leakages and enhance economic equity.
Key features of the IMEP include an automated claw-back mechanism for recouping waivers from defaulters, real-time e-report generation and a centralised database that enhances the efficiency of our verification processes.
IMEP aims to ensure that tax incentives are rationalised to deliver maximum economic impact, aligning with the government’s commitment to reducing waste, blocking leakages, and fostering a robust and equitable economic environment. IMEP’s precise monitoring capabilities will significantly enhance the strategic allocation of exemptions and support the government’s objective to ultimately reduce tax expenditures.
To acquaint all stakeholders with the upgraded IDEC framework, the Ministry of Finance will host a webinar on April 25th, 2024, by 12 noon (WAT). Key industry participants, including manufacturers, importers, and representatives from MDAs and NGOs, are invited to engage in this session to understand the enhanced features and benefits of the IMEP.
AaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaDetails for the webinar will be available on the Ministry of Finance’s official website and the IDEC YouTube channel.
Business
Ministry of Arts, Culture and Creative Economy Presents Budget Performance Report to National Assembly
Joel Ajayi
The Ministry of Art, Culture, Tourism and Creative Economy has presented its budget performance report to the National Assembly, highlighting the ministry’s achievements, challenges, and future plans.
The report which was presented to the House Committee on Art, Culture and Creative Economy on Wednesday, detailed the ministry’s efforts to promote Nigeria’s cultural heritage, support the growth of the creative industry, and drive economic growth.
The ministry’s initiatives include developing a robust intellectual property policy, investing in infrastructure, and fostering collaboration with stakeholders.
The ministry’s budget performance presentation which highlighted its eight-point plan, initiatives such as Nigeria Destination 2030, skills development, policy frameworks, intellectual property protection, strategic partnerships, growth targets, digital transformation, and cultural heritage preservation was given a thumbs up by the House committee.
During the presentation, the minister, Barr Hannatu Musa Musawa highlighted the challenges faced by the ministry, including limited resources and infrastructure. Despite these challenges, she said that the ministry has made significant progress in promoting Nigerian culture and supporting the creative industry.
Musawa also emphasized the importance of collaboration and partnership in driving the growth of the creative industry.
“We cannot do this alone. We need to work together with stakeholders, including industry experts, international partners, and the National Assembly, to drive economic growth and job creation”.
The minister explained that the ministry’s initiatives are expected to have a significant impact on the creative industry, generating revenue, creating jobs, and promoting Nigerian culture globally. She stated that the ministry is also exploring ways to develop infrastructure, including a physical Bollywood-style destination, and creating a streaming platform to showcase Nigerian content.
“The ministry has also secured a grant from the French treasury to support infrastructure development, and is working to leverage international partnerships to drive growth in the creative industry” the minister said.
Earlier, the Permanent Secretary of the Ministry Dr Mukhtar Yawale Muhammed, MFR, mni. highlighted key achievements and budget performance in the sector as well as the ministry’s GDP contribution to the economy, tourism revenue accrued, and project implementation.
The Chairman, House Committee on Art, Culture and Creative Economy Hon. Gabriel Saleh Zok commended the ministry’s initiatives and expressed the Committee’s commitment to support the growth of the creative industry.
“We are here to access your budget performance and ensure effective utilization of funds appropriated. We expect to have a closer working relationship with the ministry”.
The interaction with the House Committee members provided insights into the Ministry’s efforts to drive economic growth and development through strategic initiatives and project implementation.
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