Thursday, August 22, 2019 / 07.00PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: @FinMinNigeria
The newly appointed Finance Minister has received several agenda expectations from analysts and experts.
This is to reinforce the significance and importance of the portfolio to resetting the economy and financial market.
Implementing the National Tax Policy
Tax expert Mr Taiwo Oyedele believes the new Finance Minister should intentionally implement the 2017 National Tax Policy.
Oyedele also wants better collaboration between the Fiscal authorities and the National Assembly to facilitate tax reforms and coordination with monetary policy authorities.
He also expects the new minister to promote accountability and transparency in the generation and utilisation of government revenues, cutting across the operations of Ministries, Departments and Agencies, MDAs.
Explore Diversification of Export Basket
For Dr. Nonso Obiliki an economist the new Finance Minister will lead the debate and explore how Nigeria can diversify its exports and revenue basket, reducing the over-reliance on crude oil (which accounts for over 80% of revenue).
Obiliki wants efficiency in tax and revenue collection in the country.
For Mr David Adonri a seasoned securities dealing member at the Nigeria stock exchange, the Finance Minister needs to ensure that the fiscal policies of the Federal Government are investor-friendly.
He expects that the signalling will be the type that incentivizes investors who are sceptical about the Nigerian economy.
Unlocking Liquidity For the Nigerian Economy
With an increasing population of over 180million people and a poverty index according to World Bank of over 50 million Nigerians, Former Finance Commissioner in Lagos state Mr Wale Edun believes the new minister should explore how to unlock liquidity for the Nigerian economy.
This will entail designing strategies like the liberalization of State Owned Enterprises, to generate revenue and address some of the critical socio-economic issues like infrastructure in the country.
Mobilizing Diaspora Investments
According to Global Professional services Firm Price WaterHouse Coopers , PwC Nigerias diaspora remittances could grow to $25.5bn in 2019.
PwC Chief Economist in Nigeria Dr Andrew Nevin believes the new Finance Minister can mobilize Diaspora investments into the economy working with the Nigeria Diaspora Commission.
He proposes that the following areas should be explored;