Economic Recovery: FG Hinges Hope On Finance Act
By Ngozi Onyeakusi——The federal government has expressed optimism that the implementation of the Finance Act, 2020 and Strategic Revenue Growth Initiative (SRGI) will stimulate the economic recovery process through initiatives capable of growing fiscal revenues, improve Ease of Doing Business (EoDB), counteract the impact of oil price fluctuations and integrate fiscal, monetary and trade policies. The Finance Act (2020) was passed into law by the National Assembly and assented to recently by President Muhammadu Buhari while the SRGI was launched in January 2020 as a blueprint for growing fiscal revenues from six per cent to 15 per cent. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, at the Deloitte Economic Outlook 2021 webinar held in Lagos yesterday, said the federal government was upbeat that the implementation of the its fiscal and economic policies would bring the economy out of recession and stimulate growth. The economy slipped into recession in the third quarter (Q3) of 2020 when the gross domestic product (GDP) contracted by 3.62 per cent (year-on-year), marking the second consecutive contraction from 6.10 per cent recorded in the previous quarter
Leave a Reply