The Senate Committee on Finance has disclosed how the nation may significantly increase its earnings from the unorganized sector according to Gistlover.
In a statement on Sunday, Senator Sani Musa, the chairman of the finance committee, said that if properly utilized, the informal sector, particularly the mining business, might produce roughly $3 billion yearly for the nation.
Musa called the sector a “hidden gem” with great economic possibilities for the country.
He claims that the Senate Finance Committee intends to shift its attention away from the mining sector and toward the informal sector, which makes up around 80% of the Nigerian economy.
According to Musa, the committee’s strategic decision will benefit the economy and advance safer and more ethical business practices.
He said, “This was corroborated by the Ministry of Mines and Steel Development that the solid minerals can have about 2-3 billion US dollars annually
“We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalizing artisanal and medium-scale mining activities.
“We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, setting targets
“The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic industries to develop and stimulate economic growth through direct foreign investments inflow.
“Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is being accounted for so that our nation’s priorities and development goals can be addressed.”
Musa went on to say that the committee would make sure that the annual budget was in line with the Medium-Term Expenditure Framework and fiscal strategy paper in order to provide a cogent roadmap, connect medium-term goals with specific budgetary plans, and promote accountability in the effective use of resources.
Additionally, he promised that the committee would give the Presidential Committee on Fiscal Policy and Tax Reforms unflinching support in their ambitious efforts to close the significant yearly revenue shortfall from non-oil sources of N20 trillion and to attain an 18 percent tax-to-GDP ratio.
“In parallel, the committee underscores its commitment to legislate on comprehensive tax reforms, a pivotal step towards augmenting revenue generation and fostering sustainable economic growth.
“Stringent oversight of revenue agencies will be entrenched as our responsibility extends to overseeing the activities of revenue-generating agencies. Through rigorous management, we will ensure their transparency, accountability, and efficiency, thus maximizing revenue collection for national development,” Musa added.
