Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government intends to reduce the cost of tax expenditures and ensure that tax incentives have a positive impact on the economy.

In a statement, Edun said this while discussing the recent approval of incorporating an Incentive Monitoring and Evaluation Platform (IMEP) into the existing Import Duty Exemption Certificate (IDEC) process.

According to the Minister, the IDEC automation, which was introduced as from 1st March, 2020, is a fiscal incentive by the Federal Government under the Ministry of Finance to boost sectors of the economy by exempting critical players from paying import duty and all other statutory customs charges respectively.

 He stated that the system is set up to block and limit access to those who don’t qualify, enforce adherence to fiscal policies, and offer a detailed analysis of how tax incentives affect the economy.

 He added that this approach will also help in preventing the misuse of tax expenditures, enhancing the economic benefits derived from fiscal incentives, and improving the direct evaluation of the impact of tax incentives on the economy