Finance Minister sets up Project Lighthouse to boost revenue
The Minister of Finance, Mrs Zainab Ahmed has inaugurated the Steering Committee for “Project Lighthouse” to boost the revenue.
In 2017, the Federal Government of Nigeria inaugurated a committee to oversee the implementation of a compliance scheme seeking ways to reduce budget deficits and tax shortfalls while simultaneously managing revenue more efficiently and diversifying revenue sources by improving revenue generation in the non-oil sector of the economy.
Hence, the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS) on 29 June 2017, which was a compliance strategy with a time-threshold opportunity for taxpayers at the Federal and State levels to regularise their tax status relating to previous tax periods. Full and honest declarants of previously undisclosed assets and income during the window provided shall be forgiven of interest and penalties on overdue taxes and the assurance that they will not face criminal prosecution for tax offences or be subject to tax investigation.
In that regard, the Federal Ministry of Finance piloted Project Lighthouse, which involved the aggregation, centralisation and analysis of nationwide tax payer data within the Federal Ministry of Finance. The objective of Lighthouse was for data to be aggregated from key data sources and Lighthouse would provide the intelligence and profiling engine for more efficient and intelligent data driven tax assessments, thus ensuring major tax loopholes are plugged and revenues dramatically increased.
A list of requirements
- requirement 1
- requirement 2
- another requirement
One of the key economic policy objectives of the current administration, as contained in the Economic Recovery and Growth Plan (ERGP), is improving overall Federal Government revenues by targeting and increasing revenues from non-oil revenue sources.
Honourable Minister Of Finance.
Economic Recovery and Growth Plan (ERGP), is improving overall Federal Government revenues by targeting and increasing revenues from non-oil revenue sources.
Following the consent of authority and the subsequent ratification of the project by the Federal Executive Council (FEC) on the 8th of May 2019,Project Lighthouse was formal inaugurated by the Minister, Federal Ministry of Finance on the 24th May, 2019.