FG May Seek N6.6 Trillion Supplementary Budget for ASAP

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The Federal Government is considering a N6.6 trillion supplementary budget to fund the Accelerated Stabilisation and Advancement Plan (ASAP), aimed at advancing President Tinubu's economic priorities.

The ASAP, prepared by the Finance Minister and submitted to the President, recommends interventions in Agriculture, Energy, Health, and Business sectors.

The plan includes unbundling the TCN, procuring 7 million smart meters and 150,000 transformers to boost power. It estimates the spending at 2.1% of 2024 GDP.

President Tinubu is expected to issue 20 Executive Orders for ASAP implementation, such as:

1. Import duty and VAT suspensions

2. Paddy rice importation by millers

3. Import duty exchange rate pegged at $800/$1

4. Productive spending prioritization

5. Wage awards and transport subsidy relief

6. Tax deductions for salary increments

7. Enabling foreign employment for Nigerians

8. Tax exemption for repatriated export proceeds

9. Zero-rated VAT for non-oil exports

10. Restrictions relaxation on export proceeds

11. Removal of Tax Clearance Certificate for forex

12. Reduction of costs by MDAs

13. No foreign trips for events targeted at Nigerians

14. Electronic payment of estacode

15. Direct payment to MDAs' contractors

16. Access to funds based on accounts presented

17. Payment of fees in Naira and forex with CBN

18. Creation of a TICC Data Bank managed by JTB

19. Mandatory use of NIN and company numbers

20. One government directive on MDA-generated data

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