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One part of the debt stock that constitutes 2.37% of total domestic debts (that is 73% of total debts) is what is called promissory notes.
Currently, the FG has issued notes worth #530bn in EEG (2.37% of the total domestic debt stock as certificates that can be redeemed through
Currently, the FG has issued notes worth #530bn in EEG (2.37% of the total domestic debt stock as certificates that can be redeemed through
purchase of government securities, used as tax deductions) under the Export Incentives & Miscellanous Act of 2003. As the 10th Senate, Ministry of Finance, Budget Office look for revenues in 2023 and block leakages to the current fiscal position, I will recommend they do the
following:
• Require that companies that apply for EEG under local content policy, have at least a 60% Nigerian shareholding
• Require that companies process raw materials they export to a minimum level of enterprise or consumer manufacturing grade
• Prohibit third party
• Require that companies that apply for EEG under local content policy, have at least a 60% Nigerian shareholding
• Require that companies process raw materials they export to a minimum level of enterprise or consumer manufacturing grade
• Prohibit third party
selling of EEG certificates between companies that get awarded and companies that purchase it for cash at a significant discount
• Make it criminal for government officials to facilitate EEG certificates in exchange for rebates from companies that are awarded
• Make it criminal for government officials to facilitate EEG certificates in exchange for rebates from companies that are awarded
• Review tax laws with FIRS around the use of transfer pricing to repatriate funds from Nigeria.
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