The Federal Government yesterday disclosed it has no agenda to increase personal and corporate tax in the country to fund the 2016 budget. The Minister of Budget and National Planning, Udo Udoma, after the National Economic Council, NEC, meeting said the government would concession the airports and enter into partnership with construction companies to fund the budget because of shortfall from oil revenue. Udoma insists there is no compromise in capital projects like power, railways and roads, which would bring development to the nation and provide employment. He stressed that the government would not impose additional taxes on individuals and corporate bodies to avoid the additional burden on Nigerians. Udoma reiterated, “We expect about 20% increase in VAT collection, which is conservative in terms of our revenue projections. We are expecting much more than that. “With reference to the budget, one thing we are determined not to do is to cut any of those capital projects, because we need them to stimulate the economy. “We are going to work with the National Assembly to see how we can get savings. One of the areas we are looking at is our cash call elements,” he added.
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