FACTSHEET: Buhari’s achievements and all you need to know
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MONETARY, FISCAL, TRADE, IMMIGRATION, CONSUMER PROTECTION REFORMS
Launch of a new Tax Identification Number (TIN) Registration System in 2019. For the first time Nigeria has a consolidated, unified database of all taxpayers (individual and corporate), across all States.
This new system is the product of increased collaboration between FIRS and States’ Inland Revenue Services (through improved sharing of information, and integration of databases, among others)
The new TIN Registration system leverages on existing taxpayer data available from databases of multiple organizations like Corporate Affairs Commission (CAC), Banks through Bank Verification Number (BVN), National Identity Card Management Commission (NIMC) and others.
The improved collaboration between FIRS and the various SIRS’ has resulted in an increase in Nigeria’s “Tax Net” (number of paying and non-paying individuals and companies in the Tax Database) from 13 million as at December 2015 to 35 million at the end of 2018, and a projected 45 million by the end of 2019.
Establishment of the Nigerian Office for Trade Negotiations by the Economic Management Team (EMT). The NOTN has produced Nigeria’s first Annual National Trade Report and is compiling, for the first time in Nigeria’s history, a comprehensive database of Nigerian Trade Deals and Agreements.
The Renminbi-Naira Swap Agreement between the Peoples Bank of China and the Central Bank of Nigeria: On April 27, 2018, the CBN signed a 3-year bilateral currency swap agreement with the Peoples Bank of China (PBoC), worth Chinese Yuan (CNY) 15 billion – equivalent to N720.00 billion or US$2.5 billion.
Budget proposal submission, which used to be done manually (submissions in hard copy and flash drives) has moved to an online platform, the Government Integrated Financial Management Information System (GIFMIS), since 2018. The new Budget Submission System significantly improves the transparency and efficiency of the budgeting system.
Restoration of Federal Budget to January-December cycle, with the 2020 Budget, for the first time in 12 years.
Installation of the Migration Information and Data Analysis System (MIDAS) – a global travel security standard – in 5 Nigerian International Airports, commencing in late 2019, with the support and collaboration of the International Organization for Migration (IOM).
MIDAS is linked to Local and International Criminal Dabatases / Watchlists (INTERPOL etc), and achieves real-time synchronization of data between all of Nigeria’s International Airports and the NIS Headquarters in Abuja. It ultimately creates a faster and more efficient airport experience, while also ensuring that persons crossing Nigeria’s borders through the Airports do not pose any threats to national and international security.
Accompanying the installation of MIDAS, is the launch of a New Visa Policy, 2020 by the Nigeria Immigration Service (NIS), as part of a broader 5-year Border Strategy Reform (2019 – 2023).
The new Visa Policy incorporates the following reforms:
Expansion of Visa Categories from 6 to 79, to reflect and cater to the full range of realities and scenarios for intending travelers to Nigeria.
Introduction of eVisas, which carry biometric information of visa holders. The eVisa issuance system is linked to MIDAS.
Automation of Visa Issuance and Payment to reduce human contact and associated corruption.
The Visa on Arrival Policy expanded to all holders of African Passports starting January 2020.
President Buhari in 2019 assented to the Federal Competition and Consumer Protection Commission (FCCPC) Bill, the first legislation in Nigeria’s history focused on curbing anti-competition practices; and the establishment of the Federal Competition and Consumer Protection Commission.
Between 2017 and now, Nigeria has issued its first-ever:
Diaspora Bond, in the International Capital Market. The Diaspora Bond was US$300 million with a tenor of 5-years. The proceeds were used to part-finance the 2017 Budget.
Sukuk Bond (1st Tranche – 100 billion Naira in 2017; 2nd Tranche of 100 billion Naira in 2018 and 3rd Tranche of 150 billion Naira has just gone on sale in May 2020). The Sukuk bond proceeds are being used to fund major road projects across the six geopolitical zones of Nigeria.
The Buhari Administration has issued Nigeria’s first-ever Sovereign Green Bonds.
Domestic Borrowing Costs:
Through the CBN’s policies and directives, Treasury Bill rates – which represent domestic borrowing costs for the Government – have fallen from 16-18 percent per annum in 2017 to 2-6 percent per annum in 2019/2020.