The Federal Government on Wednesday said it is planning to introduce tax relief for the manufacturing sector in order to ease the burden of the economic recession.
The Minister of Finance, Kemi Adeosun, said this on Wednesday in Abuja while responding to questions from journalists at the end of the Federation Account Allocation Committee meeting.
She said it was part of efforts to reduce the impact of foreign exchange crisis on the sector since the sector was one of those mostly affected by the economic recession.
The Minister said; “It is clear from the figures that the manufacturing sector is the one that is really challenged and the challenge in the sector is clearly that of foreign exchange availability. I think that the sector will benefit from more consistency of the foreign exchange policy.
“On the fiscal side, we are rolling out a number of measures to support the manufacturing sector in terms of tax reliefs and other measures that will allow the balance sheet of the sector to be repaired. They (manufacturers) have taken quite a hit and we will continue to try and support them through it.
“We have a fiscal road map that we will be rolling out and it includes a number of measures around revenue mobilisation, tax reliefs and the fiscal instrument, which will be issued in 2017 to get the economy back to recovery.”