The Federal Government, in a bid to ease the burden of the current economic recession on the manufacturing sector, is planning some form of tax relief for the sector.
The Minister of Finance, Mrs. Kemi Adeosun, dropped the hint on Wednesday in Abuja while responding to questions from journalists at the end of the Federation Account Allocation Committee meeting.
She said the tax relief was part of measures by the Federal Government to reduce the negative impact of the foreign exchange crisis on the sector. Based on the Gross Domestic Product report for the third quarter released by the National Bureau of Statistics, the manufacturing sector’s growth rate was recorded at -2.93 per cent year-on-year. Read more