Nigerian Government in Talks with IMF

21 October 2021

The federal government had in 2017 approved an additional 27 industries and products to enjoy the pioneer status, including tanning and dressing of leather, manufacturers of leather footwear, luggage and handbags; mining and processing of coal; processing and preservation of meat/poultry and production of meat/poultry products; manufacturers of starches and starch products; processing of cocoa; manufacture of animal feeds; manufacturers of household and personal hygiene paper products and manufacturers of paints, vanishes and printing ink.

They also included manufacturers of machinery for textile, apparel and leather production; and manufacturers of machinery for paper paperboard production.

On the review of the 2022-2024 Medium Term Expenditure Framework (MTEF) which led to the recent upward adjustment of the 2022 appropriation bill from N13.98 trillion to N16.4 trillion, the minister said the revision became imperative to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditure in the 2022 proposed budget.

According to the minister, the most viable solution to the nation’s fiscal challenges is to grow revenues and plug all leakages.

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