The Central Bank of Nigeria CBN has called on the federal government to consider the sale of assets that could be toxic to the economy.
Monetary policy committee of the apex bank gave the advice in Abuja saying its
a means for the government to increase its revenue base.
Central Bank Governor, Mr Godwin Emefiele, said “the sale of redundant public assets would create significant revenue for government and resuscitate the redundant assets to generate employment and contribute to the nation’s economic growth”.
The CBN governor Mr Godwin Emefiele made this call after the meeting of the Monetary policy committee of the CBN. The committee based its call on the need to generate revenue for the economy.
Furtherance to the call, Mr. Emefiele commended the Federal Government for the giant step taken to increase the Value Added Tax (VAT) from 5% to 7.5%.
Mr. Emefiele said quote “the increase would improve fiscal revenue to support expenditure and reduce the budget deficit and government borrowing when Implemented”.
Divergent views have trailed the increase in VAT by the government saying it is ill timed.
©Control TV 2019.
