Breaking News

FG asked to draw down foreign reserve for devt

By Emeka Mamah

KADUNA — The Federal Government has been urged to consider drawing down part of its huge foreign reserve for “developing strategic areas that will alleviate the sufferings of most Nigerians” due to the global economic meltdown.

A don, Professor Simon Irtwange, who made the call in Kaduna, weekend, said drawing down on the foreign reserve was better than the increase in income tax as suggested by the officials of the Federal Inland Revenue Service, FIRS, as a way of funding the shortfall from oil revenue in the budget.

Irtwange, Head of the Department of Agricultural and Environmental Engineering of the University of Agriculture, Makurdi, Benue State spoke while presenting an address at a two-day conference on the economy at the National Water Resources Institute, Mando.

“Government through the FIRS should not contemplate any tax increase during this crisis period. The country should rather put in place the enabling environment that would enhance the productive capabilities of the various companies in Ngeria.”


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.