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allAfrica.com allafrica.com 25 Nov, 2021 10:45 am

Nigeria: NEDC Wants Increase in VAT Allocation Share, Ecological Fund From 3% to 5%

The North East Development Commission (NEDC), has canvassed for increase in its allocation from Value Added Tax (VAT) and Ecological Fund from three per cent to five per cent.

p Abuja — The North East Development Commission (NEDC), has canvassed for increase in its allocation from Value Added Tax (VAT) and Ecological Fund from three per cent to five per cent.Managing Director and Chief Executive Officer (CEO) of the Commission, Mohammed Alkali, made the call Wednesday during the Commission's first consultative meeting with the North East Caucus of the National Assembly on the North-East Stabilization and Development Masterplan (NESDMP) Project, in Abuja.6billion for the development of the North East region based on the assessment of the World Bank, European Union and the United Nations on amount required to fix infrastructural needs of the geopolitical zone as at 2016.Earlier, Chairman of the North East Caucus of the National Assembly, Senator Danjuma Goje, said the interaction was to enable your caucus receive briefing from the commission on its activities, and also allow members of the caucus to make required input.

As at today, with the support of some of your colleagues both in the National Assembly and the Executive, we are able to surmount these challenges and now we have access to the Value Added Tax and the Ecological Fund.The NEDC presently gets three per cent of VAT and Ecological Fund for its activities but the commission said the amount was grossly inadequate to develop the area.

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