FG has injected N1trn into manufacturing sector — Edun

The Federal Government has injected about N1 trillion naira into the manufacturing sector as palliatives in the last one year.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun made the disclosure on Tuesday before the National Assembly joint committee on Finance chaired by Senator representing Niger East, Sani Musa.

Speaking in same vein, Chairman Federal Inland Revenue Service, (FIRS), Zacch Adedeji, also revealed that the manufacturing sector is being taken care of through investment in the Legacy Projects by the present administration and provision of low interest fund.

The duo made the remarks in response to a proposal by a lawmaker that a certain percentage from the proposed tax on banks foreign exchange profits (windfall tax), be dedicated to the manufacturing sector.

The Finance Minister insisted that the sector has already been taken care of.

He said, “Palliatives worth N1trillion have been injected into the manufacturing sector within the last one year with attendant positive results in terms of reinvigoration.”

The FIRS equally maintained that the legacy projects were meant to invigorate the sector.

He said: “Accelerated stabilization 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.

“Some of these strategic projects that would in terms of infrastructure , reinvigorate the sector , are the Badagry – Sokoto Highway which would make journey from Badagry to Sokoto 11 hours .

“Also, Lagos – Calabar Coastal Highway is another strategic road infrastructural project that will bring about the required connectivity for reinvigoration of the manufacturing sector.

“The plan of President Bola Tinubu on the economy , manufacturing sector and development generally is very robust,” he said.

Checks revealed that the lawmakers on one hand, the Finance Minister and the FIRS boss, could not agree on the sharing formular from the proposed windfall tax before the representatives of the Central Bank of Nigeria were excused from the sitting.

President Bola Ahmed Tinubu had in an Executive Bill forwarded for approval by both chambers of the National Assembly , proposed 50% sharing formula for both parties , while some members of the joint committees, suggested upward review.

Investigation revealed that the Minister of Finance and the FIRS boss later agreed with the joint Committee of the National Assembly for a review which conceded 70% of the proposed tax windfall to the federal government and 30% to the banks.

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