This initiative aims to revitalise the sector and has already shown positive outcomes, the chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, also emphasised the importance of legacy projects and infrastructure development in making the manufacturing sector more viable.
These statements were made during a public hearing on the Finance Act (Amendment) Bill 2024, organised by the National Assembly joint committee on Finance.
In response to a request to include the manufacturing sector as a beneficiary of the proposed tax on banks’ foreign profits (windfall tax), the minister assured that the sector has already been taken care of through the injection of N1 trillion worth of palliatives.
