Osinbajo signed the budget at about 4:41pm on Monday inside the Presidential Villa, Abuja in the presence of the principal officers of the National Assembly, presidential aides and other top government officials.
Browsing: Mrs. Kemi Adeosun
Adeosun argued that the Muhammadu Buhari administration inherited several problems when it took office, many of which serve as impediments to attaining its goals of facilitating development across every sector of the nation. Inspite of the challenges, the nation was getting on the path of sustainable growth, she said.
According to Idris, the allocations from the Federation Account to the three tiers of government also declined by N52.07 billion from the N467.8 billion shared in March to N 415.73 billion in April this year.
“For the avoidance of doubt, it must be reiterated that the relevant provisions of the Money Laundering Prohibition Act 2011 (as amended) and CBN AML/CFT Regulations, 2013, require banks and other financial institutions, OFIs, to render various returns to the CBN and Nigeria Financial Intelligence Unit, NFIU.”
“While we focus on raising revenue and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency. Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens. This will be a core focus for us,” she added.
The minister said, “The council enthusiastically approved these facilities which are on long term, meaning that the DBN will be able to lend to our MSMEs over much longer periods and at much lower rates. So the impact on the SMEs will be quite considerable.”
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The scheme takes off on May 1 for up to six months and will offer a window for those who, before now, have not complied with extant tax regulations to remedy their positions by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.
The DBN had convened its Development Partners and incoming management team and Board of Directors for an inaugural strategy retreat, in order to ready itself for immediate operation upon the issuance of its license by the Central Bank of Nigeria (CBN).
