Nigeria 2017 Budget Highlights

The 2017 Budget is intended to expand PPP and partner with development capital, to leverage and catalyse resources for growth. Other key objectives of the Budget include:

a. Focusing on the rapid development of infrastructure such as roads, railways, power, information and communications technology, etc., that have quick positive effects on the economy.

b. Utilising Special Economic Zones and Industrial Parks as vehicles to accelerate domestic economic activity for innovation and wealth creation.

c. Contributing to f ood security and creating platforms for agro-business in agriculture supply chains through the Agriculture Green Alternative Plan.

d. Establishing a new Social Housing Fund to deepen the mortgage system and expand its availability across all States of the Federation.

e. Encouraging and stimulating the growth of small and medium scale industries for innovation, job creation, productivity and wealth creation.

f. Achieving self-sufciency in food and other products, and patronising made-in-Nigerian goods and services.

g. Reviving Nigeria’s fertilizer blending plants to ensure that local inputs for agriculture, such as NPK fertilizer, are available and affordable.

h. Recapitalising the Bank of Industry and Bank of Agriculture with Ö15 billion.

i. Stabilising and creating coherence in the monetary, scal and trade policies of the nation.

j. Diversifying the economy and creating more jobs.

k. Enhancing public service delivery and security.

l. Providing social safety nets for poor and vulnerable Nigerians.

Interestingly, there are no significant changes to tax and regulatory policies in the 2017 budget proposals. However, Government intends to broaden the tax base, improve the effectiveness of the revenue-collection agencies and tax compliance. Consequently, audit activity will increase across the board; with particular focus on transfer pricing. The highlights of the budget as regards tax are as follows.