The document discusses Nigeria's macroeconomic management and reforms under its current administration. It outlines the country's stable exchange rate and declining inflation rate, rising external reserves and GDP growth projections that outpace other nations. The administration aims to reduce the cost of government, reform waiver policies, improve trade, slow debt growth and increase non-oil revenues through tax and customs reforms while implementing financial management systems like GIFMIS and IPPIS. A new petroleum subsidy payment process and pension reforms are also discussed.
The document summarizes key fiscal developments in India, including trends in central government receipts and expenditures. Some of the key points include:
- Tax revenues grew at a rate of 12.1% of GDP in 2018-19, with improvements in direct tax collection. However, indirect tax revenues fell slightly due to shortfalls in GST collections.
- Non-tax revenues exceeded budget estimates for 2018-19, helped by higher dividends and profits. Disinvestment receipts also exceeded targets through various instruments.
- Expenditure has been rationalized through moderation of subsidies and initiatives to improve efficiency in the defense sector. Capital expenditures have increased as a proportion of GDP.
- Fiscal
The budget document summarizes the key features of Bangladesh's national budget for fiscal year 2017-2018. The total budget proposed is TK 400266 crore with a revenue target of TK 287990 crore. The annual development program allocation is TK 153331 crore. The overall budget deficit is estimated at TK 112276 crore. Expenditures are primarily focused on sectors like education, public administration, and transportation. The personal income tax rates range from 0-30% while the corporate tax rate is 25-45%. The VAT rate remains uniform at 15%.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
The document discusses the sources of funds for the National Government which include tax revenues, non-tax revenues, borrowings, and withdrawals from cash balances. It provides details on different types of taxes and non-tax revenues. It also explains the purpose of government borrowings from domestic and foreign sources. The document then discusses the different dimensions of the national budget such as sectors, cost structures, expense classes, major recipients, and regional allocations. It concludes by outlining the process of creating pork barrel funds through the preparation, authorization, and execution of the national budget.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
Macro Pakistani | BaKhabar Special Episode | Federal Budget 2021-22 Faiz Ahmed
Highlights from the Federal Budget 2021-22 along with comparisons of previous years' budgeted and actual revenue collection/expenditure. Ambitious target setting for revenues continues with fiscal deficits budgeted at 6.3%. Higher GDP growth is expected to bring in higher tax revenues and lower deficit. Expenditure to rise mainly for subsidies, development expenditure and higher transfer to provinces.
The document discusses the potential introduction of taxation in the UAE. Due to declining oil prices and increasing fiscal pressures, the UAE government is considering implementing taxes like VAT and CIT to diversify government revenue sources. The IMF recommends a low, broad-based VAT of around 5% and lowering the corporate tax rate from 20% to 10% while expanding its scope. The government is also exploring other options like taxes on vehicles, fees, and reducing energy and water subsidies. Officials say taxes will likely be implemented at low rates to minimize economic impacts, but agreements are still being reached across GCC countries.
The document discusses India's fiscal system and reforms. It outlines the goals of fiscal policy as mobilizing resources, promoting growth, ensuring stability and equitable distribution. It discusses tax and expenditure reforms since the 1990s aimed at simplification, rationalization and widening the tax base. Reforms also focused on privatization, expenditure quality and reducing non-developmental spending. The document calls for further reforms to increase productive spending and finance development goals through improved resource mobilization and expenditure efficiency.
The document summarizes key fiscal developments in India, including trends in central government receipts and expenditures. Some of the key points include:
- Tax revenues grew at a rate of 12.1% of GDP in 2018-19, with improvements in direct tax collection. However, indirect tax revenues fell slightly due to shortfalls in GST collections.
- Non-tax revenues exceeded budget estimates for 2018-19, helped by higher dividends and profits. Disinvestment receipts also exceeded targets through various instruments.
- Expenditure has been rationalized through moderation of subsidies and initiatives to improve efficiency in the defense sector. Capital expenditures have increased as a proportion of GDP.
- Fiscal
The budget document summarizes the key features of Bangladesh's national budget for fiscal year 2017-2018. The total budget proposed is TK 400266 crore with a revenue target of TK 287990 crore. The annual development program allocation is TK 153331 crore. The overall budget deficit is estimated at TK 112276 crore. Expenditures are primarily focused on sectors like education, public administration, and transportation. The personal income tax rates range from 0-30% while the corporate tax rate is 25-45%. The VAT rate remains uniform at 15%.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
The document discusses the sources of funds for the National Government which include tax revenues, non-tax revenues, borrowings, and withdrawals from cash balances. It provides details on different types of taxes and non-tax revenues. It also explains the purpose of government borrowings from domestic and foreign sources. The document then discusses the different dimensions of the national budget such as sectors, cost structures, expense classes, major recipients, and regional allocations. It concludes by outlining the process of creating pork barrel funds through the preparation, authorization, and execution of the national budget.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
Macro Pakistani | BaKhabar Special Episode | Federal Budget 2021-22 Faiz Ahmed
Highlights from the Federal Budget 2021-22 along with comparisons of previous years' budgeted and actual revenue collection/expenditure. Ambitious target setting for revenues continues with fiscal deficits budgeted at 6.3%. Higher GDP growth is expected to bring in higher tax revenues and lower deficit. Expenditure to rise mainly for subsidies, development expenditure and higher transfer to provinces.
The document discusses the potential introduction of taxation in the UAE. Due to declining oil prices and increasing fiscal pressures, the UAE government is considering implementing taxes like VAT and CIT to diversify government revenue sources. The IMF recommends a low, broad-based VAT of around 5% and lowering the corporate tax rate from 20% to 10% while expanding its scope. The government is also exploring other options like taxes on vehicles, fees, and reducing energy and water subsidies. Officials say taxes will likely be implemented at low rates to minimize economic impacts, but agreements are still being reached across GCC countries.
The document discusses India's fiscal system and reforms. It outlines the goals of fiscal policy as mobilizing resources, promoting growth, ensuring stability and equitable distribution. It discusses tax and expenditure reforms since the 1990s aimed at simplification, rationalization and widening the tax base. Reforms also focused on privatization, expenditure quality and reducing non-developmental spending. The document calls for further reforms to increase productive spending and finance development goals through improved resource mobilization and expenditure efficiency.
A Brief Overview of Budget :
Introduction, Meaning of Government Budget, Objective of Government Budget, Components of Budget, Revenue Receipts, Capital Receipts, Budget Expenditure, Measures of Government Deficit
(with some latest data)
The document discusses the key components of government budgets, including:
- Revenue receipts, which do not create liabilities or reduce assets, such as tax revenues. Tax revenues include direct taxes like income tax and indirect taxes like VAT. Non-tax revenues include fees, licenses, fines, and other sources.
- Capital receipts, which do create liabilities or reduce assets. These include borrowings, which create liabilities, and the sale of shares in public enterprises, which reduces assets.
- Expenditure, which is divided into revenue expenditure on ongoing activities and capital expenditure on infrastructure and other long-term investments.
The budget aims to allocate resources, reduce inequalities, promote stability and
What will the 2019 Federal Budget announcement mean for you?netwealthInvest
Netwealth's Head of Technical Services, Keat Chew, analyses the 2019 Budget announcement to determine key action points for financial advisers and their clients.
The Long Run Effect of Interest Rate and Money Supply on Petroleum Profit Tax...iosrjce
The study empirically examined the effect of interest rate and money supply on petroleum profit tax
(PET) in Nigeria. The study employed annual time series data from 1980 to 2013 collected from various issues
of Central Bank of Nigeria’s Statistical Bulletin. An Error Correction Mechanism (ECM) Model was adopted in
the analyses of the interaction among interest rate and money supply on petroleum profit tax. The granger
causality pairwise test was also conducted in determining the causal relationship among the variables. The
empirical results showed that, there was unidirectional causality between money supply and PET, money supply
has positive effect on PET in the short run but negative effect in the long run with (t=-1.35 , P<0.05)>0.05) respectively.
The document discusses a presentation by Barnksforte Group on increasing revenue in Plateau State using a smart revenue and tax system. It outlines Barnksforte's proposed solutions which include implementing a SMART Revenue system using smart revenue cards, terminals, and a central database to expand the tax net. It also discusses restructuring the Plateau State Internal Revenue Service and strategies for widening the tax net, improving assessments, and collecting more revenue from formal and informal sectors. The goal is to double IGR collection within 12 months and achieve a minimum 300% increase over 36 months.
Corporate Tax Reforms in Pakistan
Tax policy plays an important part in inclusive growth, incomes and wealth redistribution. Owing to a narrow tax base in Pakistan, the ability of taxes to alter distribution of incomes in favour of the poorest income quintiles has been limited. This paper specifically makes a case where private sector has been realizing anticipated profits however their rising incomes did not result in progressive changes in tax contribution. The ability of tax administrative machinery to check evasion has also remained weak.
Another important matter is how a distortive tax policy is preventing entry of new firms and investments which can potentially create greater competition and enhance consumer surplus. Since 2007 Pakistan’s economy has been witnessing low levels of investment. Despite low interest rates, the private sector credit has not picked up. The exports have declined during a period when Pakistan enjoys preferential market access from the European Union and the United States. While large firms operating domestically continue to growth, the survival and growth of new firms is weak.
According to several recent studies, part of the answer to this problem may lies in the way taxes are helping cartelization through exemptions and preferences in the direct (corporate) tax structure. We discuss this view in the light of recent tax directory published by the Federal Board of Revenue. Making use of the key informant interviews and focus group discussions involving the business community, tax officials, trade and consumer associations, we present some recommendations for the reform of corporate taxation in Pakistan.
Tax expenditure in sub saharan africa the nigerian experience.Alexander Decker
This document summarizes a research paper on tax expenditures in Nigeria. It discusses how the Nigerian government uses tax incentives and concessions to achieve economic goals, but this results in significant losses of potential tax revenue. Between 2004-2006, revenue losses from various tax exemptions and concessions totaled over N54 billion, N71 billion, and N56 billion respectively. The document examines how tax expenditures are less transparent than direct spending and can undermine fiscal accountability if not properly integrated into budgeting processes. It analyzes the effects of tax expenditures on Nigeria's budget and the economy.
The document discusses patterns of public expenditure in the Philippines from 2001-2011. It classifies expenditures according to level of government, nature, function, and type of funds. Charts show expenditure trends increasing as a percentage of GDP and outpacing revenue growth. Expenditures are primarily for economic and social services, with increasing operating costs and capital outlays. Conclusions note constant expenditure growth due to expanding government services and population. Recommendations include eliminating wasteful spending and increasing fiscal discipline.
IMPACT OF PERSONAL INCOME TAX ON REVENUE GENERATION IN N IGERIAIyanda Abdulwasiu
This document is a research project on the impact of personal income tax on revenue generation in Nigeria, using Lagos Government as a case study. It was submitted by Iyanda Abdulwasiu Ahmed to the Department of Accountancy at Kwara State Polytechnic in partial fulfillment of the requirements for a National Diploma in Accountancy. The research project contains certification, dedication, acknowledgements, table of contents, and 5 chapters that discuss the background of the study, literature review, research methodology, data analysis and findings, and conclusions and recommendations.
This document summarizes investment incentives available in Turkey. It outlines various tax exemptions, reductions, and refunds available for value-added tax, customs duties, income/corporate taxes, social security premiums, and interest rates. Incentives vary based on the type and location of investment. Priority is given to strategic investments over $25 million that rely on imports or large-scale investments in certain sectors. The document provides regional maps and lists incentives for priority, large-scale, strategic, and general investments made in Turkey.
New Investment Incentives Scheme In Turkey Presentation pro tesvik
The document outlines Turkey's new investment incentives program, which includes four main incentive schemes - general, regional, large scale, and strategic. It details the various support measures available under each scheme such as tax reductions, customs duty exemptions, VAT exemptions, social security premium support, interest support, and land allocation. Support measures vary based on the region and type of investment project. The regional investment incentive scheme in particular aims to reduce inter-regional imbalances by providing different levels of support for each of Turkey's six regions.
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
Government revenue(Public Fiscal Administration)Suzana Vaidya
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
The document summarizes key fiscal policies in India since 2005, including objectives of fiscal policy like maintaining full employment and price stability. It outlines tools of fiscal policy like revenue, expenditure, debt, and deficit. It discusses the Fiscal Responsibility and Budget Management Act of 2003 and highlights of the annual budget and fiscal policies from 2005 to 2014, including changes to income tax rates and slabs, plan and non-plan expenditures, and other economic initiatives.
Key Takeaways:
- Zambia in numbers
- Steps for Registering business in Zambia
- Time and Cost involved in registration
- Tax structure and incentives for businesses
The document summarizes the global efforts to reform international corporate taxation of multinational corporations (MNCs). It discusses existing issues like base erosion and profit shifting (BEPS) and measures taken by OECD and countries. It then summarizes the recent agreement by G7 countries to support OECD's two pillar approach for taxing MNCs. Pillar One aims to reallocate some profits to market jurisdictions. Pillar Two proposes a global minimum corporate tax of 15%. The agreement could significantly impact tax havens and boost tax revenues but also faces challenges in implementation.
Governments require public revenue to fund functions that promote social and economic welfare. The main sources of public revenue are taxes, fees, and grants. Taxes are compulsory payments made to the government without direct benefits. Around 25% of tax revenue comes from direct taxes on income and 75% from indirect taxes like sales tax. Governments also generate non-tax revenue through fees for services. Grants are financial assistance provided by other governments or organizations. Governments use public revenue to fund spending on areas like health, education, defense, and infrastructure to achieve economic and social objectives.
This document defines and discusses fiscal policy in India. It begins by introducing fiscal policy and its objectives of stabilizing the economy. It then defines fiscal policy as involving government revenue collection through taxation and spending. The objectives and instruments of fiscal policy are outlined, including the budget, taxation, public expenditure, and public debt. Data on India's fiscal deficit is presented, showing it as a percentage of GDP from 2005-2014. The achievements and reforms of India's fiscal policy are highlighted, such as increasing resources and savings. The Fiscal Responsibility and Budget Management Act of 2003 is described as institutionalizing financial discipline and reducing deficits. Current fiscal policy targets reducing the deficit to 3% of GDP by 2017-2018.
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
#MP2013 Presentation of the Minister of State for DefenceFMINigeria
The document outlines the achievements of the Ministry of Defence and Nigerian armed forces from June 2012 to present. Key achievements include establishing joint task forces that reduced violence, acquiring new equipment for the military, strengthening international peacekeeping missions, refurbishing military infrastructure, and increasing maritime security capabilities. The Ministry of Defence and armed forces have been working to improve security, support counterterrorism operations, and modernize the military through new acquisitions and training programs.
#MP2013 Presentationn by the Minister of Interior FMINigeria
The document provides an overview of the policy initiatives, programmes and activities of the Ministry of Interior of Nigeria from July 2011 to May 2013. Some of the key initiatives discussed include the automation of expatriate quota administration to speed up processing, a new visa policy, introduction of e-passports, upgrading border management technologies, and various infrastructure projects like e-prisons. Emergency response activities of agencies under the ministry like the Federal Fire Service are also summarized.
A Brief Overview of Budget :
Introduction, Meaning of Government Budget, Objective of Government Budget, Components of Budget, Revenue Receipts, Capital Receipts, Budget Expenditure, Measures of Government Deficit
(with some latest data)
The document discusses the key components of government budgets, including:
- Revenue receipts, which do not create liabilities or reduce assets, such as tax revenues. Tax revenues include direct taxes like income tax and indirect taxes like VAT. Non-tax revenues include fees, licenses, fines, and other sources.
- Capital receipts, which do create liabilities or reduce assets. These include borrowings, which create liabilities, and the sale of shares in public enterprises, which reduces assets.
- Expenditure, which is divided into revenue expenditure on ongoing activities and capital expenditure on infrastructure and other long-term investments.
The budget aims to allocate resources, reduce inequalities, promote stability and
What will the 2019 Federal Budget announcement mean for you?netwealthInvest
Netwealth's Head of Technical Services, Keat Chew, analyses the 2019 Budget announcement to determine key action points for financial advisers and their clients.
The Long Run Effect of Interest Rate and Money Supply on Petroleum Profit Tax...iosrjce
The study empirically examined the effect of interest rate and money supply on petroleum profit tax
(PET) in Nigeria. The study employed annual time series data from 1980 to 2013 collected from various issues
of Central Bank of Nigeria’s Statistical Bulletin. An Error Correction Mechanism (ECM) Model was adopted in
the analyses of the interaction among interest rate and money supply on petroleum profit tax. The granger
causality pairwise test was also conducted in determining the causal relationship among the variables. The
empirical results showed that, there was unidirectional causality between money supply and PET, money supply
has positive effect on PET in the short run but negative effect in the long run with (t=-1.35 , P<0.05)>0.05) respectively.
The document discusses a presentation by Barnksforte Group on increasing revenue in Plateau State using a smart revenue and tax system. It outlines Barnksforte's proposed solutions which include implementing a SMART Revenue system using smart revenue cards, terminals, and a central database to expand the tax net. It also discusses restructuring the Plateau State Internal Revenue Service and strategies for widening the tax net, improving assessments, and collecting more revenue from formal and informal sectors. The goal is to double IGR collection within 12 months and achieve a minimum 300% increase over 36 months.
Corporate Tax Reforms in Pakistan
Tax policy plays an important part in inclusive growth, incomes and wealth redistribution. Owing to a narrow tax base in Pakistan, the ability of taxes to alter distribution of incomes in favour of the poorest income quintiles has been limited. This paper specifically makes a case where private sector has been realizing anticipated profits however their rising incomes did not result in progressive changes in tax contribution. The ability of tax administrative machinery to check evasion has also remained weak.
Another important matter is how a distortive tax policy is preventing entry of new firms and investments which can potentially create greater competition and enhance consumer surplus. Since 2007 Pakistan’s economy has been witnessing low levels of investment. Despite low interest rates, the private sector credit has not picked up. The exports have declined during a period when Pakistan enjoys preferential market access from the European Union and the United States. While large firms operating domestically continue to growth, the survival and growth of new firms is weak.
According to several recent studies, part of the answer to this problem may lies in the way taxes are helping cartelization through exemptions and preferences in the direct (corporate) tax structure. We discuss this view in the light of recent tax directory published by the Federal Board of Revenue. Making use of the key informant interviews and focus group discussions involving the business community, tax officials, trade and consumer associations, we present some recommendations for the reform of corporate taxation in Pakistan.
Tax expenditure in sub saharan africa the nigerian experience.Alexander Decker
This document summarizes a research paper on tax expenditures in Nigeria. It discusses how the Nigerian government uses tax incentives and concessions to achieve economic goals, but this results in significant losses of potential tax revenue. Between 2004-2006, revenue losses from various tax exemptions and concessions totaled over N54 billion, N71 billion, and N56 billion respectively. The document examines how tax expenditures are less transparent than direct spending and can undermine fiscal accountability if not properly integrated into budgeting processes. It analyzes the effects of tax expenditures on Nigeria's budget and the economy.
The document discusses patterns of public expenditure in the Philippines from 2001-2011. It classifies expenditures according to level of government, nature, function, and type of funds. Charts show expenditure trends increasing as a percentage of GDP and outpacing revenue growth. Expenditures are primarily for economic and social services, with increasing operating costs and capital outlays. Conclusions note constant expenditure growth due to expanding government services and population. Recommendations include eliminating wasteful spending and increasing fiscal discipline.
IMPACT OF PERSONAL INCOME TAX ON REVENUE GENERATION IN N IGERIAIyanda Abdulwasiu
This document is a research project on the impact of personal income tax on revenue generation in Nigeria, using Lagos Government as a case study. It was submitted by Iyanda Abdulwasiu Ahmed to the Department of Accountancy at Kwara State Polytechnic in partial fulfillment of the requirements for a National Diploma in Accountancy. The research project contains certification, dedication, acknowledgements, table of contents, and 5 chapters that discuss the background of the study, literature review, research methodology, data analysis and findings, and conclusions and recommendations.
This document summarizes investment incentives available in Turkey. It outlines various tax exemptions, reductions, and refunds available for value-added tax, customs duties, income/corporate taxes, social security premiums, and interest rates. Incentives vary based on the type and location of investment. Priority is given to strategic investments over $25 million that rely on imports or large-scale investments in certain sectors. The document provides regional maps and lists incentives for priority, large-scale, strategic, and general investments made in Turkey.
New Investment Incentives Scheme In Turkey Presentation pro tesvik
The document outlines Turkey's new investment incentives program, which includes four main incentive schemes - general, regional, large scale, and strategic. It details the various support measures available under each scheme such as tax reductions, customs duty exemptions, VAT exemptions, social security premium support, interest support, and land allocation. Support measures vary based on the region and type of investment project. The regional investment incentive scheme in particular aims to reduce inter-regional imbalances by providing different levels of support for each of Turkey's six regions.
The document discusses Pakistan's fiscal policy. It notes that fiscal policy involves the government using tax revenue and public expenditures to achieve economic objectives like growth and stability. However, Pakistan has faced fiscal deficits in recent years due to high non-development spending on areas like defense and debt interest. This is compounded by a lower tax collection as a result of tax evasion and lower industrial productivity. To improve its fiscal position, Pakistan needs measures like increasing tax rates, broadening the tax base, and reducing non-essential expenditures.
Government revenue(Public Fiscal Administration)Suzana Vaidya
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
The document summarizes key fiscal policies in India since 2005, including objectives of fiscal policy like maintaining full employment and price stability. It outlines tools of fiscal policy like revenue, expenditure, debt, and deficit. It discusses the Fiscal Responsibility and Budget Management Act of 2003 and highlights of the annual budget and fiscal policies from 2005 to 2014, including changes to income tax rates and slabs, plan and non-plan expenditures, and other economic initiatives.
Key Takeaways:
- Zambia in numbers
- Steps for Registering business in Zambia
- Time and Cost involved in registration
- Tax structure and incentives for businesses
The document summarizes the global efforts to reform international corporate taxation of multinational corporations (MNCs). It discusses existing issues like base erosion and profit shifting (BEPS) and measures taken by OECD and countries. It then summarizes the recent agreement by G7 countries to support OECD's two pillar approach for taxing MNCs. Pillar One aims to reallocate some profits to market jurisdictions. Pillar Two proposes a global minimum corporate tax of 15%. The agreement could significantly impact tax havens and boost tax revenues but also faces challenges in implementation.
Governments require public revenue to fund functions that promote social and economic welfare. The main sources of public revenue are taxes, fees, and grants. Taxes are compulsory payments made to the government without direct benefits. Around 25% of tax revenue comes from direct taxes on income and 75% from indirect taxes like sales tax. Governments also generate non-tax revenue through fees for services. Grants are financial assistance provided by other governments or organizations. Governments use public revenue to fund spending on areas like health, education, defense, and infrastructure to achieve economic and social objectives.
This document defines and discusses fiscal policy in India. It begins by introducing fiscal policy and its objectives of stabilizing the economy. It then defines fiscal policy as involving government revenue collection through taxation and spending. The objectives and instruments of fiscal policy are outlined, including the budget, taxation, public expenditure, and public debt. Data on India's fiscal deficit is presented, showing it as a percentage of GDP from 2005-2014. The achievements and reforms of India's fiscal policy are highlighted, such as increasing resources and savings. The Fiscal Responsibility and Budget Management Act of 2003 is described as institutionalizing financial discipline and reducing deficits. Current fiscal policy targets reducing the deficit to 3% of GDP by 2017-2018.
Macroeconomic; Government Expenditure (Comic)Adynn Khairil
The Federal government of Malaysia is projected to record a lower fiscal deficit of 4% of GDP in 2013. Total government revenue is expected to reach RM208.7 billion, with tax revenue at RM159.2 billion. Non-tax revenue is projected to be RM49.5 billion, a 9.6% reduction due to lower returns from investments, petroleum royalties, and the Malaysia-Thailand Joint Authority. Government expenditure consists of operating expenditure, which covers administrative costs, and development expenditure for infrastructure investment to boost economic growth.
#MP2013 Presentation of the Minister of State for DefenceFMINigeria
The document outlines the achievements of the Ministry of Defence and Nigerian armed forces from June 2012 to present. Key achievements include establishing joint task forces that reduced violence, acquiring new equipment for the military, strengthening international peacekeeping missions, refurbishing military infrastructure, and increasing maritime security capabilities. The Ministry of Defence and armed forces have been working to improve security, support counterterrorism operations, and modernize the military through new acquisitions and training programs.
#MP2013 Presentationn by the Minister of Interior FMINigeria
The document provides an overview of the policy initiatives, programmes and activities of the Ministry of Interior of Nigeria from July 2011 to May 2013. Some of the key initiatives discussed include the automation of expatriate quota administration to speed up processing, a new visa policy, introduction of e-passports, upgrading border management technologies, and various infrastructure projects like e-prisons. Emergency response activities of agencies under the ministry like the Federal Fire Service are also summarized.
#MP2013 Presentation by the Minister of Agriculture and Rural Development.FMINigeria
The document summarizes Nigeria's Agricultural Transformation Agenda (ATA) which aims to make Nigeria a global powerhouse in agriculture by 2020. Key goals include adding 20 million metric tons of food to domestic supply by 2015 and creating over 3.5 million jobs. In its first year, the ATA added 9 million metric tons of food, exceeding targets, and stimulated 2.7 million jobs across various value chains including cassava, rice, sorghum, maize and cotton. The ATA has also injected 591 billion naira into the Nigerian economy through these activities.
#MP2014: MInisterial Press Briefing by the Minister of Works FMINigeria
Presentation By The Honourable Minister Of Works, Arc. Mike Oziegbe Onolememen, Fnia; Fnim; Fnse At The Third Year Ministerial Press Briefing On The Achievements Of President Goodluck Ebele Jonathan, Gcfr, Administration In The Transformation Of Road Sector In Nigeria On September 19, 2014 In Abuja
#MP2013 Presentation of the Minister of Lands, Housing and Urban DevelopmentFMINigeria
The document provides an overview of the Federal Ministry of Lands, Housing and Urban Development in Nigeria. It outlines the Ministry's background, mandate, vision, key achievements and ongoing projects. Some notable achievements include developing new national housing and urban development policies, adding over 16,000 new housing units, and ongoing public-private partnership projects delivering thousands more units. The Ministry and its agencies are working to improve land administration systems and increase affordable housing delivery across the country.
#MP2013 Presentation of the MInister of PowerFMINigeria
The document summarizes the mid-term achievements of President Goodluck Jonathan in the Nigerian power sector from 2011 to 2013. It outlines the completion of several new power generation projects adding over 1,500 MW of capacity. It also details rehabilitation works done to improve capacity at existing hydroelectric stations. Transmission infrastructure was expanded with the completion of new substations and transmission lines by the Transmission Company of Nigeria and Niger Delta Power Holding Company, increasing grid capacity. Diversification of energy sources through development of coal, small hydro, and wind power was also discussed.
#MP2012 Presentation of the MInistry of FinanceFMINigeria
The document provides an outline and summary of the presentation of the Federal Ministry of Finance of Nigeria for May 2012. It discusses the Ministry's mandate to administer and control federal finances, mobilize resources, and coordinate revenue allocations. It outlines the Ministry's scorecard format and key performance indicators related to fiscal balance, efficient financial management, budget performance, and contributions to financial stability. It highlights initiatives like the YouWin program to support entrepreneurs and the public works program to create jobs. Overall revenues met targets for the first quarter while debt was maintained at sustainable levels.
PRESIDENTIAL MID-TERM REPORT Summary of Policies and Strategies for Deliveri...Nigeria Centenary
President Jonathan’s Administration believes that putting aside some money for emergencies is important just as we all do for our families. So this administration has supported a policy of savings for development. This is a detailed presentation from the Ministry of Finance as delivered by the honorable Minister. Dr. Ngozi Okonjo-Iweala
Presidential Mid-Term Report- Summaries of Policies and Strategies for Delive...TransformNG
Democracy Day 2013 - Report on the Economic Policy Framework (2011 - 2013) by Dr. Ngozi Okonjo-Iweala, Coordinating Minister for Economy. Honorable Minister of Finance. May 29, 2013
The Giant Strides and Footprints of Preseident Goodluck JonathanCelestine Achi
Whenever I think of the giant strides achieved by President Goodluck Jonathan and the effort of the opposition to deny verifiable #facts, I become more emboldened in my trust and believe in GEJ and boldly say #whynotGEJ and when I studied and verified the compilation of GEJ''s significant achievements in almost all the sectors, I could finally make my submission to a man I can trust. It is now time to #ThinkNigeriaVoteGoodluck for Trans-formative Consolidation.
#MP2013 Presentation of the Minister of National Planning CommissionFMINigeria
The document provides an overview of the National Planning Commission of Nigeria from May 2011 to June 2013. Some key points:
- The NPC is responsible for coordinating strategic planning in Nigeria, including implementation of the Vision 20:2020 plan and Transformation Agenda.
- Under the leadership of Dr. Shamsuddeen Usman, the NPC spearheaded several reforms like institutionalizing strategic planning processes, establishing a performance management system, and reforming data systems.
- Key achievements included accelerating economic growth above 7%, increasing foreign investment, expanding the capital market, and improving external reserves and exchange rates. However, challenges remain around job creation and security issues.
- The NPC conducted policy research, coordinated development of
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Accrual developments in individual countries - Kwang Moon, KoreaOECD Governance
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Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director ...Carly Avery
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director General, DICA, Ministry of National Planning and Economic Development, Myanmar. October 2013.
Investment policy reform in Myanmar, presentation by Aung Naing Oo, Director General, DICA, Ministry of National Planning and Economic Development, Myanmar. October 2013.
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Effect of Indirect Taxation on Economic Development of Nigeriaijtsrd
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Ronald Waiswa, ICTD Researcher, and Supervisor: Research and Policy Analysis, Uganda Revenue Authority Research, Planning and Business Development Division
Monica Tumerkunde, Supervisor, HNWI Unit, Uganda Revenue Authority Research, Planning and Business Development Division
Effect of Tax Reforms on Corporate on Nigerian Economic Developmentijtsrd
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1) The budget aims to balance economic growth with social inclusion by addressing issues that have stifled growth while also supporting sectors like healthcare, housing, and education.
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The document contains summaries of statements made by FICCI (Federation of Indian Chambers of Commerce and Industry) on various economic issues:
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#MP2013 Presentation by the Minister of Finance, Dr. Ngozi Okonjo-Iweala
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DR. NGOZI OKONJO-IWEALA
Coordinating Minister for the Economy &
Hon. Minister of Finance
And
Dr. Yerima Ngama
Hon. Minister of State of Finance
June 10, 2013
MINISTERIAL
PLATFORM:
FEDERAL MINISTRY OF FINANCE
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Mission Statement
To manage the Nation’s finances in an
open, transparent, accountable and
efficient manner that delivers on the
country’s development priorities
Mission Statement
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Ministry of Finance: Key Objectives
2
Support
for Job
Creation
Macro
Economic
Management
Mobilizing
Finances
for Real
Sector
Activities
Supporting
Enabling
Reforms
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• Dollar exchange rate has been between ₦155 and ₦160 over the last
two years
Exchange Rate is Stable
• Inflation rate has slowed to 9.1% from 12.4% in May 2011
Rate of Inflation is Coming Down
• From $32.08 billion in May 2011 to $48.4 billion as of May 2013
• Excess Crude Account (ECA) - (Component of External Reserves)
- Rise from about $4 Billion in May 2011 to around $9 billion at the
end of 2012, but now about $6 billion in May 2013
- ECA now helping us since oil production has fallen from the
projected 2.53 million bpd to between 2.1 – 2.2 million bpd
External Reserves are Rising
7
MACRO ECONOMIC MANAGEMENT
The Economy is Strong but Faces Challenges of
Inequality & Inclusion
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MACRO ECONOMIC MANAGEMENT
Projected GDP Growth (%) 2013
Sub Saharan Africa 5.6
Emerging Markets 4.2
Major Economies (G7) 1.2
South Africa 2.8
Brazil 3.0
China 8.0
Russia 3.4
India 5.7
• GDP growth in 2013 projected at 6.75% (NBS) and 7.2% (IMF)
GDP Growth is one of the fastest in the World
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1 Footnote
SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance
US$1 billion
earmarked for
investment in the
3 arms i.e.
Stability Fund,
Infrastructure
Fund and Future
Generation Fund
Management
team has
developed a
comprehensive
strategy
document which
was presented at
its inaugural
board meeting on
13th November
2012
The NSIA to
commence core
investing activities
from Q2 2013 and
currently evaluating
potential
infrastructure
investment
opportunities
1
The Board of the
Nigeria Sovereign
Investment
Authority was
Inaugurated on
9th October, 2012
2
3 4
Sovereign Wealth Fund is in Place…
President Jonathan’s Administration believes that putting aside
some money for emergencies is important just as we all do for
our families. So this administration has supported a policy of
savings
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MACRO ECONOMIC MANAGEMENT
The 2013 budget prepared in record time and
passed on 20th December 2012
This provides the Government 12 months
expenditure program and time to spend the
funds
This also provides a boost to domestic and
international confidence in the country’s fiscal
management
Breaking the Budget Jinx
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• Policy is to reduce recurrent expenditure and complete unfinished capital
projects
- Recurrent expenditure has dropped from 74.4% of total budget in 2011 to
68.7% in 2013
• Envelop system developed to enable Ministers prioritize uncompleted capital
projects
Cost of Government is Reducing
• Government focusing on sectoral waivers rather than individual. e.g.
agricultural, power, aircraft spare parts, solid minerals at zero duty
Waiver and Tariff Policies have Changed
• Imports are down (textiles, plastic & rubber, paper & paper making material),
and exports are up (plastic & rubber, vegetable products, prepared food stuff
and beverages).
- Non-oil exports have increased from 9% of total exports in 2008 to 31% in
2012
- Oil exports are now 69% of total exports, compared to 91% in 2008
Trade has Improved
8
MACRO ECONOMIC MANAGEMENT
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Government Borrowing is Declining:
Total
Debt
Stock
Flow of
Domestic
Borrowing
Note: Domestic and External Debt Stock figures for 2013 are as at end of March 2013)
SOURCE: Debt Management Office
DomesticExternal
200
524
852 744 588
1,360
155107
1,753 2,170 2,320 3,239
4,552
5,623 6,346 6,493427
585
488
450
683
978
888
Debt/GDP
Ratio (%)
Our National Debt is Low
1041
11.9% 12.6% 11.6% 15.4% 17.3% 18.2%15.4%
2006 2007 2008 2009 2010 2011 2012 2013
21%
South
Africa 42.7%
Sub-Saharan
Africa 34.2% USA 106% Japan 225% UK 90%
MACRO ECONOMIC MANAGEMENT
Total Debt is ₦7.5 trillion
External Debt is US$6.6bn (₦1.04 trillion)
NGN, Billions
Slowed Down Growth of Debt Stock:
YEAR
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Tax Type
Petroleum
Profit Tax
% increase
in non-oil
Taxes
- 39.2% 27.5%
SOURCE: Federal Inland Revenue Service
Non-Oil
Taxes
Total
Taxes
1,866 1,847 2,972
38.1% 14.6%8.0%
2,198 4,628 5,0072,839
939
3,2013,071
1,480
2,061
1,1321,353
514
715
911
1,806
1,558
1,3591,258
16.0%
NGN, Billions
2006 2007 2008 2009 2010 2011 2012
Increasing Revenue Receipts
MACRO ECONOMIC MANAGEMENT
YEAR
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Measures Taken
Next steps: Intensify drive to improve non-oil tax revenues
Compliance &
Enforcement
▪ Recovery of tax arrears in the sum on ₦704.8 million
▪ Tax investigation and enforcement activities led to the recovery of
over ₦10.65 billion
Tax Policies &
Legislative
Issues
B ▪ National Tax policy formally launched by Mr. President in April 2012
▪ Nigeria /Mauritius Double Taxation Agreement (DTA) signed in
August 2012
Modernization
of Tax
Administration
& Operation
C ▪ Commenced implementation of the Integrated Tax Administration
System (ITAS) project
▪ Registered 227,140 new taxpayers in 2012
▪ Implemented full taxpayer segmentation
▪ Full restructuring of Tax offices nationwide
▪ Roll-out nationwide Tax Identification Number
A
Increasing Non-oil Revenues (Measures taken to Improve Non-oil Revenues)
MACRO ECONOMIC MANAGEMENT
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1 Total collections between Jan and Oct 2012, compared to the same period in 2011
SOURCE: Nigerian Customs Service
Federal
Collections
Total
Collections
345 413 470
Non-
Federal
Collections
Annual
increase
(%)
– 19.8% 13.9%
514 742547
9.2% 35.7% 9%6.4%
190
239
275 304 318
431 436
155 175 196 210 229
311 297
7321
2006 2007 2008 2009 2010 2011 2012
NGN, Billions
Increasing Revenue Receipts: Improvement in Customs Revenue
MACRO ECONOMIC MANAGEMENT
YEAR
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Measures Taken
▪ Upgrade of the ASYCUDA system to version 3.0
▪ Integration of Customs Operation (Platform) through a
portal named Nigeria Integrated Customs Information
Systems (NICIS) thus eliminating multiple submission
of cargo and goods documentation to several
stakeholders e.g. Bank, CBN, Freight Companies, etc
Deployment
of ICT
▪ Online real-time processing of Custom’s
documents/manifest by shipping/airlines
▪ Simplification and harmonization of Customs clearance
procedures, in line with international best practice
▪ Electronic tracking and auditing of Customs operations
and transaction
Trade
Facilitation
▪ Disbanded hinterland Customs Check points and
outlawed duplicity in cargo examination by Agencies at
the ports
▪ Anti-smuggling efforts
▪ Training, Training school etc
Stepping up
Anti-Smuggling
Activities
C
B
A
Measures Taken to Improve Customs Performance
MACRO ECONOMIC MANAGEMENT
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Expenditure Side Measures Taken
Introduction of the Government Integrated Financial Management and
Information System (GIFMIS) in April 2012.
• GIFMIS is aimed at improving the acquisition, allocation, utilization and
conservation of public financial resources using automated and integrated,
effective, efficient and economic information systems.
• 58% of the budget now executed through GIFMIS. Will rise to 79% by end of
third quarter 2013.
Treasury Single Account (TSA) is a unified structure of government
bank accounts that gives a consolidated view of the cash position.
• 93 MDAs are currently on TSA
• Government’s overdrawn position has dropped from ₦102 billion in 2011
to ₦19 billion in 2012
The Integrated Payroll and Personnel Information System (IPPIS):
• Enhances efficient personnel cost planning and budgeting as personnel cost
will be based on actual verified numbers and not estimates
• 215 MDAs (153,019 staff) are on IPPIS as at Jan 2013
• Savings on Payroll cost to date is ₦118.9 billion
• Work ongoing to bring in other 321 MDAs not yet on IPPIS
• About 46,821 ghost workers identified
14
Government Has Put In Place Systems To Increase Efficiency In
Public Financial Management
IPPIS
GIFMIS
TSA
MACRO ECONOMIC MANAGEMENT
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A New Petroleum Subsidy Payment Regime Is In Place
To Help Stem Leakages
15
…Revised Process (2-step audit process)Old Process…
Marketer Paid
Auditor: Witnesses
physical discharge
Physical verification
Quantity discharged
Claim to be paid
Auditor #1: Witnesses
physical discharge
Physical verification
Quantity discharged
Auditor #2:
Fiscal verification
• We audited ₦1 trillion in subsidy and found ₦232 billion questionable. So
far, we have recovered about ₦14 billion. We have tightened the payment
process
• PPPRA reduced the number of oil marketers from 143 to 32
Marketer Paid
MACRO ECONOMIC MANAGEMENT
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Contributory Pension Scheme Is Sound But Defined Benefits
Scheme Is Being Reformed To Prevent Fraud
Background
Objectives
• The Federal Government Defined Pension Scheme is decentralized and managed
by several pension offices/department and is inconsistent with the intention of
the Pensions Reform Act (2007)
• The Pensions Reform Act (2007) establishes a pension department known as
Pensions Transitional Arrangement Department (PTAD) to oversee the
management of pensions under the Defined Benefits Scheme for pensioners not
transiting to the Contributory Pensions Scheme
• Following Mr. President’s directive to ensure strict compliance with the
provisions of the Pensions Reform Act (2007), the CME/HMF inaugurated
an Inter-Ministerial Committee in August 2012 headed by the Director-General
Pensions Commission (PenCom) to carry out Mr. President’s instruction
• The Inter-Ministerial task was structured into two phases:
o Phase One: Design the governance and operating framework for the
PTAD
o Phase Two: Data validation and authentication of the existing pensioners
database and the development of an authentic database
Key
Achievements
• Phase one completed and Phase Two is underway
• Result: All Defined Benefit Pension Systems for Civil Service, Police,
Prisons, Immigration, Customs etc. will be managed in one
department reporting to Ministry of Finance with direct payment to
beneficiaries based on biometrics
Defined Benefits Scheme:
MACRO ECONOMIC MANAGEMENT
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• Ratings by international agencies like Fitch, Standard & Poor’s, and
Moody’s have improved to BB- (or equivalent)
• As a result, Nigerian corporates are able to borrow at cheaper rates on the
international credit markets
• A number of our banks have gone to raise funds abroad e.g. Access Bank
($350 million Euro Bond), GTB ($350 million Euro Bond), Fidelity Bank
($300 million Euro Bond)
Nigeria’s Credit Ratings Have Improved
• Domestic bonds included in JP Morgan and Barclays emerging market
Index
• About $7 Billion invested in Nigeria by foreign investors in 2012
• Nigeria has become the highest investment destination in Africa
International Investors are More Interested in Nigeria
Strong Economic Performance Has Received International Validation
MACRO ECONOMIC MANAGEMENT
17
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Of the FG’s ₦180 billion budgeted for the 2012 SURE-P, ₦86.5 billion was spent. The remaining
balance of ₦93.5 billion was carried over into the 2013 SURE-P budget bringing its sum to about
₦273.5 billion in projected expenditure.
Subsidy Reinvestment Program (SURE-P)
S/N Classification/Projects
2012
(Annual Budget,
N’ Bns)
2013
(Annual Budget
N’ Bns)
A SOCIAL SAFETY NETS (e.g. Maternal & Child Health,
Mass Transit, Community Services, Graduate
Internship Scheme)
38.44 40.83
B NIGER DELTA Augmentation for East-West Road
(Sections 1-4)
21.70 42.27
C WORKS (ROADS & BRIDGES) (e.g. Abuja-Lokoja
Road, Kano-Maiduguri, Oweto Bridge)
85.50 111.50
D TRANSPORT (RAIL) (e.g. Lagos-Kano, Port-Harcourt
- Maiduguri)
33.36 77.42
E OTHER EXPENSES (e.g. SURE-P Board, M&E) 1 1.5
180.00 273.52
Breakdown of FGN SURE-P Budget
Subsidy Savings 2012 2013 (Jan – May)
Federal Government ₦180 Billion ₦75 Billion
States Government ₦154.6 Billion ₦64.4 Billion
Local Government Councils ₦76.4 Billion ₦31.8 billion
MACRO ECONOMIC MANAGEMENT
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Developing the Nigerian Financial Systems
19
MACRO ECONOMIC MANAGEMENT
FAAC
B
Clean-up of the
Banking system
& Reforming DFIs
Exports
Expansion
Grants (EEG)
A
D
E
Reviving the
Nigerian Capital
Market
C
Boosting the
Insurance
Sector
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Government Has Been Reforming The Financial Sector…
Cleanup of the Banking
System Complete…
Government Policies have
Supported Capital
Markets (e.g.
Forbearance, Elimination
of VAT & Stamp Duties,
etc.)
• As a result, capital markets
has now rebounded…
• Stock market index has risen
by 71% since May 2012
• Stock market capitalization
(value of listed companies)
has increase by 66.2% since
May 2012 to ₦11.8 trillion
• Through government policies
(e.g. introduction of micro-
insurance, compliance with
compulsory insurance, etc.)
more Nigerians are now aware
of Insurance Policies
• Number of policy holders has
also increased from 700,000 in
2010 to 1.5 million in 2012
• Claims paid increased from
₦37 billion in 2010 to ₦52
billion in 2012
• All 22 banks are now fully
stable and capitalized
• Non-Performing Loans have
fallen to about 5%
• But not enough lending is
going on at affordable interest
rates so the government is:
Restructuring existing DFIs to
get in private sector capital
Creating a new wholesale DFI
for 10-15 year money at
affordable rates
Insurance Sector is
Doing Better…..
MACRO ECONOMIC MANAGEMENT
A B C
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Federation Accounts Allocation Committee (FAAC)D
MACRO ECONOMIC MANAGEMENT
FAAC meeting for the past 4 months held
before the 14th of each month
All tiers of Government get their account
credited latest on 17th day of the month.
Salaries are paid to Federal Government
staff on time
This has brought some relative measure of
employee satisfaction and industrial
harmony
FAAC has served as an avenue for:
Correcting misconceptions and the
resolution of long standing problems
Peer review amongst States
Adopting best practices and learning from
the experiences of one another
Improved flow of revenues … Problem Solving.
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Exports Expansion Grant (EEG): Summary of
Performance of Exporters
Eligibility Criteria Threshold % Better than
Threshold 2006
% Better than
Threshold 2011
Value Addition 20% 40.88% 48.50%
Export Growth 10% 31.36% 71.82%
Capital Investment
Growth
10% 46.37% 68.90%
Employment 500 32.04% 38.56%
22
MACRO ECONOMIC MANAGEMENT
E
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Agriculture
Federal Ministry of Finance
▪ ₦30 billion credit risk guarantee to Nigeria’s commercial banks to support
the supply of fertilizers and seed by the private sector
World Bank
▪ US$ 200 million to support the ATA for staple crop processing in the six
geo-political zones
▪ US$ 300 million support to Fadama and commercial agriculture
China Exim Bank
▪ US$ 500 million importing 18 cassava processing mills and 40 rice
processing units (under discussions)
▪ US$ 75 million Rural Access and Mobility project
Environment World Bank
▪ US$450 million – Erosion & Watershed Management in Abia,
Anambra, Cross River, Ebonyi, Enugu, Imo and Edo states
▪ US$120 million – Flood and Waste management, Oyo state
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
The Ministry negotiated the following financing agreements
totalling ~US$12 billion to support the real sector – (1)
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Transport
Federal Ministry of Finance
▪ US$4 billion – Letter of comfort to support
investment in the Lekki Deep Sea port
Water
World Bank
▪ US$200 million – Water Reform Phase III Nationwide
▪ US$120 million – Urban Water Supply in Cross River
Islamic Development Bank
▪ US$136.34 million – Zaria Regional Water Supply
▪ US$50 million Dam project for water Supply & Irrigation in
Osun state
African Development Bank
▪ US$81.32 million – Zaria Regional Water Supply
▪ US$200 million Rivers State Water Supply Project
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
The Ministry negotiated the following financing agreements
totalling ~US$12 billion to support the real sector – (2)
African Development Bank
▪ ₦50 billion (~US$ 330 million) for the construction of
the East-West Highway
Niger Delta
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The Ministry negotiated the following financing agreements totalling
~US$12 billion to support the real sector – (3)
26
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
World Bank
▪ US$50 million – State Health Program Investment Credit
(Ondo, Nasarawa & Adamawa)
▪ US$95 million – Polio Eradication Project Nationwide
Islamic Development Bank
▪ US$44.69 million – Upgrading of Hospital Facilities in
Kaduna
Health
Federal Ministry of Finance
▪ US$ 1 billion Eurobond (including US$600 million for Gas to
Power) to be launched
World Bank
▪ US$ 1 billion IBRD Partial Risk Guarantee (under
discussion)
China Exim Bank
▪ US$765 million Zungeru Hydroelectric Power Project
Islamic Development Bank
▪ US$54.5 million Zungeru Hydroelectric Power Project
Power
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The Ministry negotiated the following financing agreements
totalling ~US$12 billion to support the real sector – (4)
27
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
World Bank
▪ US$150 million – State Education Program Investment
Project (Bauchi, Ekiti & Anambra)
Islamic Development Bank
▪ US$17.32 million for science secondary schools in
Kaduna State
▪ US$70 million to improve and enhance Bilingual
Educational Support
Education
China Exim Bank
▪ US$100 million – National Information and
Communication Infrastructure Backbone (Galaxy
Backbone)
ICT
World Bank
▪ US$250 million – Youth Employment and Social
Support Operation (YESSO)
▪ US$140 million – Growth and Employment Support
Project
▪ US$200 million – State Employment and
Expenditure For Result Project
Job
creation
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The Ministry negotiated the following financing agreements
totalling ~US$12 billion to support the real sector – (5)
28
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
Federal Ministry of Finance
▪ Working with CBN on use of intervention fund for purchase
of new aircraft to be passed to private sector and repaid
China Exim Bank
▪ US$500 million 5 new airport terminals in Abuja, Kano,
Lagos, Enugu and Port-Harcourt
Aviation
World Bank
▪ US$300 million Housing Liquidity Facility
China Exim Bank
▪ US$500 million for the Abuja Light Rail ProjectFCT
Housing
China Exim Bank
▪ US$200 million for various roads (under construction)
World Bank
▪ US$80 million for second Niger bridge
Works
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To address two key issues:
Mainstreaming government efforts to improve the lives of girls and
women in Nigeria into the budgeting process
Linking funding release to concrete results delivery for these girls
and women, with the 2013 budgeting process as pilot.
Three Technical Working Sessions and a program design workshop with the
focal points in the pilot MDAs and civil society partners have been held -
develop work plans, budgets and implementation modalities at the state, local
government, community and ward levels.
Ministry of Agriculture has since March trained 350 in fishery farming - 70
from each five geo-political zones.
Ministry of Communications Technology made the initiative the focus of its ICT
Day in April and provided 35 students and seven teachers with laptops.
The Ministry of Health for its VVF target has initiated the acquisition and
upgrading of existing fistula centres in Ebonyi and Katina states as a key step
to scaling up the numbers of girls to receive the corrective surgery.
Ministry of Works has signed MoUs with three private contractor firms who
have pledged to support women subcontractors in their road contracts.
.
Support to Women Empowerment
Background
Progress to
Date
MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
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MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES
▪ NEXIM being retooled to enhance support to the non-oil export sector
▪ Reforming the Export Expansion Grant (EEG) Scheme to better target critical
priority sectors and reduce cost of running scheme
▪ Total disbursement of ₦7.3 billion in 2012 in support of non-oil exporters,
leading to creation of 4,911 direct jobs and foreign exchange generation of
about US$58 million annually on full implementation of the projects
Support to
the Non-oil
Sector
Regional
Integration
▪ The ECOWAS Trade Support Facility has been introduced to enhance export
credit to small traders, formalize trade and deepen payment system in the
West African sub-region. NEXIM dedicated a seed fund of ₦500 million, with
₦268m approvals granted and ₦170m already disbursed.
▪ Financing Regional Sealink Project to establish a dedicated regional shipping
company which will mitigate the issue of high transportation cost and
excessive transit time in West and Central Africa. The project is expected to
cost between US$60 – 100 million.
Fostering
Partnerships
▪ Strengthening relationships with other EXIM Banks to attract investment
capital. NEXIM has credit lines with the Export-Import Bank of India and the
Africa Export Import Bank, while discussion have reached advanced stage
with EXIM Bank of Turkey
Financing International Trade and Regional Integration
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Port Reforms in conjunction with the Ministry of Transport,
Works, Presidency and the Lagos state Government
I
2,080 TEU
overtime
containers
transferred to
Ikorodu Lighter
Terminal.
Ports operating
a 24-hour
regime for the
first-time since
1970..
Disbanded NCS
task force that
harass cargo on
the highway
Apapa-Oshodi
Expressway
cleared with FMW
rehabilitating the
roads
Reduced the
number of
agencies
operating in the
ports from 14 to
7.
II III IV V
Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours!
A
SUPPORTING ENABLING REFORMS
We had achieved the following …
BUT !
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B Support to Other Sectors: Power
SUPPORTING ENABLING REFORMS
Key Measures
Chair of the board of the National Bulk Electricity Trader
(NBET) and National Electricity Liability Management
Company (NELMCO)
Signing of letters of comfort, PPAs etc
Negotiated Guarantees
Solving financial problems and paying
off PHCN
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C Support to Other Sectors: Housing
SUPPORTING ENABLING REFORMS
Mortgage Refinance Company (MRC) has
been proposed to assist in resolving
financing gapHousing Finance: the challenges
▪ Nigeria needs to add 23 million homes
by 2020 to meet supply gap i.e. 2.6
million homes per year
▪ The MRC will be a Public-Private Partnership
(PPP) arrangement with shareholders that
will include: Government, International DFIs
9IFC, Shelter Afrique etc), Nigerian Banks,
Primary Mortgage Institutions (PMIs),
Insurance Companies and Private Equity
investors
▪ Capital Structure of the MRC will comprise of:
▪ Take off capital of NGN5 billion, 10% of
which would be invested by
Government via Preference Shares
▪ Initial debt financing of US$300 million
from FGN via a concessional long term,
non-interest credit from the World Bank
▪ Upon establishing a track record, the
MRC will access the capital market to
raise funds via bond issues
▪ FGN credit to be disbursed to MRC in
Naira; CBN to bear FX risk
▪ Currently there are 20,000 mortgages
in Nigeria – Target of 200,000 mortgages
in the next 5 years
▪ Challenges faced by the housing
industry are multi-sectoral:
▪ Financing hurdle to be tackled with
Mortgage Refinance Company
▪ Additional challenges also being
tacked concurrently
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D Support to Other Sectors: Sports and Manufacturing
SUPPORTING ENABLING REFORMS
Sports
Examining innovative
ways of financing
sector through
lotteries and private
sector franchising
Manufacturing
Stoppage of multiple taxation
Fast track the completion of CET
book
Facilitate easier access to long
term financing
Tackling trade malpractices
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E Support to Other Sectors: Agriculture
SUPPORTING ENABLING REFORMS
Specific Measures
Introduced
Fiscal
incentives
to support
Rice and
Cassava
value chains
Zero duty on machinery and equipment to
process high-quality cassava flour
Corporate tax rebate of 12% for bakeries
attaining 40% substitution of wheat for
cassava
Effective duty of 50% (to be raised to
100% by December 2012) on imported
polished rice to encourage domestic
production
100 percent duty on wheat flour from July
1, 2012
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SUPPORTING ENABLING REFORMS
Special Initiatives
Mr. President announced a ₦3 billion grant program - Project
Advancing Creativity and Technology (ACT) Nollywood, to
encourage growth and stimulate job creation in Nigeria’s
movie industry
The program aims to improve and promote key components
of the movie value chain through the provision of grants
schemes designed to support existing or aspiring practitioners
within the industry
Support to Other Sectors: Creative IndustriesG
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Youth Enterprise with Innovation in Nigeria
(YouWiN!) Program
YouWiN! Results
• Trained 12,000 aspiring or existing young entrepreneurs.
• Presently funding 1,200 entrepreneurs identified in the first round of the three round
competition
• Identified 1,200 women in May 2013 across the six geopolitical zones to receive funding
in the second round
• As at May, 2013, a total of 14,025 jobs have been created across the country in the early
stages of the first round. At least 80,000 jobs expected by the end of the third round in
2015.
REGION NO. OF JOBS
North-Central 2,552
North-East 1,616
North-West 2,159
South-East 2,280
South-South 2,119
South-West 3,299
Total 14,025
SECTOR NO. OF JOBS
Agriculture 4,113
ICT & Media 1,893
Manufacturing 3,698
Retail 698
Others 3,623
Total 14,025
Breakdown of Job Creation by Geo-Political Zone and Sector (as at May 2013)
SUPPORT FOR JOB CREATION
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COMMUNITY SERVICES SCHEME (CSS) &
GRADUATE INTERNSHIP SCHEME (GIS)
Community Services Scheme
• 370,000 youth to be employed annually.
• 178,000 Youth already employed.
Graduate Internship Scheme
• Providing 50,000 graduates with internship in established
privates sector organizations
• 1,306 graduates placed so far
SUPPORT FOR JOB CREATION