For Nigeria, the outbreak of the covid-19 pandemic succeeded in shutting down international flights, borders and even day to day economic activities for a period but it did not shut down the flood gate of revenue coming into the tax regime.
Recall that the newly signed policy by President Muhammadu Buhari on December 31, 2020, came on the heels of the Finance Act 2019 which amended several tax statutes. The Act according to the presidency was enacted in furtherance of the Federal Government’s reform of the business climate in Nigeria.
The significance of FDI has been brought to bear again with the recent update by the United Nations Conference on Trade and Development Trends Monitor stating that Nigeria earned the total of $2.6billion of the global volume.
The Lagos State government is not having the covid-19 pandemic as an excuse not to generating more funds for the 2021 fiscal year. This is more so as the state government admits the budget projections are ambitious and audacious enough to rekindle hope as tagged ‘Budget of Rekindled Hope’.
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