FEC (The Federal Executive Council) declares 60% monetary loss to COVID-19 pandemic across Nigeria
Nigeria is a West African country. The nation-state is a vast premise. The polity is fondly called the African Giant. Therefore, one can conclude that her population density and diversity wins her the title.
Consequently, revenue appropriation and allocation is one of the core functions of the executive. In Nigeria, FEC is responsible for the estimation of revenue. As a result, the council delegates the Internal Revenue Management (IRS) schemes to facilitate the fiscal framework.
In our report, we have words from a spokesperson of the FEC on this crux.
“………. To clarify, Nigeria generates her revenue from taxation, bilateral and multi-lateral trade as well as other investment trains. So, the Corona Virus pandemic affected all these majors. Likewise, the surge of mass unemployment also pose deficiency to our economic stand as we speak. The federal government is taking the new normal as a fighting chance to regulate the economy. 60% of the total revenue went with the flame. The ministry of finance and other institutions are formulating policies to thrive our economic strength……….”