Federal Executive Council, chaired by President Bola Ahmed Tinubu took two major decisions at its meeting today.
First, the council agreed to remove tertiary educational institutions from IPPIS, the Integrated Payroll and Personnel Information System which ASUU and other unions rejected and went on strike over under the Buhari administration. Government may extend the same exclusion to the armed forces as it also subjects the IPPIS platform to integrity test..
Government also promised to review the duty waivers granted to companies involved in backward integration. The policy which was well intentioned has cost the treasury N1.3 trillion in lost revenue this year alone.
In 2021, government lost N2.29 trillion through the policy and N779.74bn in 2020.
Because the waivers are backed by law, government intends to begin the review by first reviewing the operating laws.
Nigeria certainly needs to plug all revenue holes to fund next year’s N27 trillion budget.
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