The federal government of Nigeria has injected palliatives worth N1trillion into the manufacturing sector within the last one year, Minister of Finance and Coordinating Minister of the Economy Wale Edun has said.
Also, the chairman of the Federal Inland Revenue Service ( FIRS), Mr Zacch Adedeji, declared that accelerated stabilisation fund which focuses on reinvigorating the manufacturing sector was being injected, aside from a series of legacy projects, geared towards putting in place infrastructure to make the sector more viable.
The duo spoke Tuesday during a public hearing on Finance Act (Amendment) Bill 2024, organised by the National Assembly’s joint committee on finance.
Responding to a request by members of the committee that the manufacturing sector should be considered as beneficiary from the proposed tax on banks foreign profits ( windfall tax ), he said the sector had already been taken care of.
“Palliatives worth N1 trillion have been injected into the manufacturing sector within the last one year with attendant positive results in terms of reinvigoration,” he said.
Earlier, in his presentation to the joint committee chaired by Senator Sani Musa ( APC Niger East), the FIRS boss, Mr. Adedeji, said the proposed one time windfall tax was geared towards redistribution of wealth which according to him , would be beneficial to the various sectors.
He, however, explained to members of the joint committee that strategic programmes of the Bola Tinubu-led federal government were targeted at reinvigorating the manufacturing sector.
“Accelerated stabilisation fund focusing on helping the manufacturing sector are already being doled out aside legacy projects strategically targeted at making the sector more vibrant and viable.