LAGOS AUGUST 19TH (URHOBOTODAY)-Minister of Finance, Mrs Kemi Adeosun has giving reasons why the federal government upholds the stoppage of export grant.
Speaking during the visit of the leadership of the Nigerian Economic Summit Group, (NESG) to her office in Abuja on Thursday, Adeosun justified the stoppage of the policy on Export Grant on the basis that it has been seriously abused.
?The Minister disclosed that although her predecessor in office halted the implementation of the policy, she believed the decision was in order going by harvests of startling revelations on the abuse of export grant.
According to her, “On paper why will you cancel Export Grant? The Export Grant is set up to encourage export business. However, in a situation, where we do not have control, we open up doors for the kind of abuse, which are only imaginable. We have people exporting stones, describing them as high valued goods, collecting an import credit and using that to import fish.
We do need to look for how to support export, but we have to be very realistic in the recommendations we are coming up with”
Adeosun who sought the understanding of members of the private sector in the ongoing policy review by the current administration, charged the private sector body to come up with policies which are implementable in view of the current economic situation in the country.
Extending her hand of fellowship to the NESG, the Minister said the Ministry of Finance is ready to work with them and therefore enjoined the private sector group to keep track of some of the recommendations to the Federal Government.
“I want to challenge you by asking you to keep track of how many of your polices are implemented and those not implemented. You also need to find out why those policies were not implemented. They may be great policies at wrong times, or they may be wrong policies. They may even be un-implementable policies.
“I’m giving you the commitment of the Federal Ministry of Finance to assist you. You are invited to the Federal Ministry of Finance and spend a day and sit with our people and see how government affairs are being run.”
The Minister also stressed the need to prioritise in the face of the revenue challenge in the country.
She stated, “Yes, the economy is challenged and people are extremely frustrated and we need to rebuild fundamentally, we need to prioritise. We have to rebuild this country and it has to be data driven. We are already overhauling our tax policy. We want to have a realistic picture of tax.
“We need to realize that with the collapse of commodity prices we don’t have enough foreign exchange to buy as many imported goods as we like to, so when there is import substitution, we must embrace it.”