News
FG Unfold Plans To Cut Down on Cost of Expenditure, ensure tax incentives
Joel Ajayi
The federal government has revealed plans to ultimately cut down on the cost of tax expenditure and ensure tax incentives which would positively impact the economy.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, recently approved the inclusion of an Incentive Monitoring and Evaluation Platform (IMEP) in the current Import Duty Exemption Certificate (IDEC) process.
The IDEC automation, which was introduced as from 1st March, 2020, is a Fiscal incentive by the federal government under the Ministry of Finance to boost sectors of the economy by exempting critical players from paying import duty and all other statutory customs charges respectively.
In his statement: This is to provide the Federal Ministry of Finance with a robust automated tool for more effective Monitoring and `Evaluation (M &E) measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, non- governmental oganisations (NGOs) and international organisations.
According to him, the system is designed to provide a framework to exclude and restrict ineligible applicants, enforce strict compliance to fiscal policy measures and provide a robust impact analysis of tax incentives on the economy. This will further eliminate the misuse of tax expenditures; support the delivery of economic outcomes from fiscal incentives and strengthen the direct measurement of the impact of tax incentives on the economy.
He listed the key features of the IMEP to comprise: duty waiver claw back mechanism for issuance of demand notices to defaulters which would prevent misuse of issued incentive, e-report generation, a centralised database, factory geo-location tagging, industry qualification status validation, and inter- ministries department and agency (MDA) integration.
Mr Edun stated further that a webinar would be conducted on Tuesday, 23 April 2024, to provide clarity on the revised IDEC process.
He therefore called on all key industry stakeholders, including manufacturers, importers, MDAs, NGOs to attend, stating that the link for the webinar would be published on the Ministry of Finance website, and on the IDEC’s YouTube channel.
Signed 
News
FG Inaugurates Anti-Corruption and Transparency Unit in Youth Ministry
The Federal Government has inaugurated the Anti-Corruption and Transparency Unit (ACTU) of the Federal Ministry of Youth Development, in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Speaking at the inauguration, the Permanent Secretary, represented by the Director of Education and Youth Development (EYD), Mr. Kabir Mohammad, described the event as a significant milestone in the Ministry’s commitment to transparency, accountability, and good governance.
He expressed gratitude to the ICPC for its guidance and support in establishing the unit, acknowledging the dedication and hard work of the Ministry’s staff in making this initiative a reality since its separation from the Ministry of Sports.
“To the newly inaugurated members of the ACTU, I charge you to discharge your duties with integrity, professionalism, and commitment to excellence. Your role is critical in ensuring that our Ministry operates with transparency, accountability, and integrity,” Mr. Mohammad stated.He also urged Heads of Departments and Units to collaborate with the ACTU, particularly on integrity and compliance matters, noting that these areas are crucial to the annual performance evaluation of Ministries, Departments, and Agencies (MDAs) in alignment with ICPC principles.
In his goodwill message, Mr. Olusegun Adigun, representing the ICPC Chairman, emphasized the importance of the ACTU in advancing the Ministry’s vision.
“Aligned with the Ministry’s vision of empowering Nigerian youth to succeed in all fields of life through dedication, unity of purpose, and commitment to national development, the ACTU will serve as a strategic instrument to support the Ministry in achieving its objectives through its mandated duties,” Mr. Adigun stated.
He further advised the Ministry’s leadership to create an enabling environment for the ACTU by granting it representation in standing committees, in accordance with the government circular Ref No: OHCSF/SPSO/CSTD/314, dated October 5, 2016.
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