News
Tinubu Woos G-20 Investors, FAAC Meets Over Multiple Taxation
President Bola Tinubu has assured international investors from G20 nations that their money is safe within the borders of the country.
The president disclosed this during a panel discussion titled “Fostering Local Value Chains and Investments in Africa — The Role of the German Private Sector at the G20 Compact with Africa Economic Conference, hosted by German Chancellor, Olaf Scholz, in Berlin, on Monday.
He highlighted to the investors that Nigeria has a large market and is ready to leverage all its advantages to become successful.
While the president is trying to woo investors in Germany, the Federation Account Allocation Committee is mulling plans to take decisive actions against multiple taxation in the country.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated this at the opening of FAAC’s retreat on Monday in Delta. He announced that the government is not set to overburden taxpayers with many new taxes but will rather broaden its tax base while simplifying and streamlining tax administration in the country.
In Germany on Monday, Tinubu said, “Your money is safe… We are eager and ready to partner with you…We have the youngest, largest, and most vibrant youth population in Africa…equally, we have…a well-educated population, a massive market, and the political will to bring it all together under my leadership.”
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, conveyed this in a statement titled, ‘President Tinubu to investors: Nigerians are the greatest asset and advantage we have over other nations.’ Tinubu further explained to the investors that since he assumed office in May 2023, his administration has embarked on transformative changes, removing all obstacles hindering businesses in the country.
“We are reforming the economy based on the principle and philosophy of good governance,” the President affirmed.
He noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the most significant incentive for investors toward the mutually beneficial replication of China’s economic resurgence.
“We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in making a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership,” he continued.
Tinubu stressed that Africa now fully recognises the relationship between the inflow of investor money and the sanctity of contracts. The president further assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.
He also highlighted the socio-political stability in the country, saying, “Nigeria has consolidated its democracy with several consecutive handovers of power.
“There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment.”
He affirmed that the Federal Government is also dogged in pursuit of natural gas development. He further disclosed that the country is set to implement tax reforms.
He said, “The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.
“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to accommodate foreign investments expeditiously.”
Meanwhile, in Delta on Monday, the Minister of Finance, Mr Wale Edun, who was represented by the ministry’s Permanent Secretary, Mr Okokon Udo, declared that the government is not set to overburden taxpayers with many new taxes, but will rather broaden its tax base while simplifying and streamlining tax administration in the country.
Edun, who highlighted the government’s target of a tax-to-GDP ratio of 18 per cent by 2026, said, “We all know that achieving tax revenue to GDP target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
“However, in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes. What is necessary to be done is to broaden the tax base and simplify and streamline tax administration for ease of collection. That is why, among the prior activities of this government after coming to office, was the constitution of a presidential Committee on fiscal Policy and Tax Reforms. The Committee has already submitted an interim report full of optimism.
“The Federal Government is poised to restore Government revenue, promote fiscal balance and prudent management of government expenditure.”
Multiple taxes have been a bane to Nigerian businesses. Recently, telecommunication operators lamented that they are now faced with 52 different taxes.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, noted that the panel has suggested the merger of over 200 taxes being paid by Nigerian businesses into 10.
He said, “We have over 60 taxes and levies, officially collectible by federal, state, and local governments. Unofficially, those taxes are over 200, making life difficult for our people. So, the taxes at all levels of government combined, we think, should be less than 10.”
Backing the minister’s claim to expand the reduce multiple taxation, the governor of Delta State, Sheriff Oborevwori, who was represented by his Deputy, Mr Monday Onyema, affirmed that taxes are the dividend of a thriving private sector.
He said, “Tax is the dividend of a thriving private sector. For us to reap the benefits, we need to, as a matter of exigency, remove the institutional bottlenecks that make the cost of doing business in Nigeria unbearably high.
“It is only after we have done this that we can realistically expect to widen the tax base and diversify the economy. It is inevitable that where the cost of doing business is frustratingly high, tax evasion and tax avoidance will be pervasive.”
He also declared that the country’s tax-to-GDP ratio is comparatively low, making it vulnerable to disruptions in the global economy. He stated that a strong resilient and competitive economy requires a flourishing private sector.
Rivers State Governor, Sir Siminalayi Fubara, has described the late Chief Albert Korubo Horsfall as a distinguished statesman whose contributions to national development brought honour and distinction to the Kalabari Kingdom and Rivers State.
Fubara said Horsfall’s life of service, patriotism, integrity and commitment to humanity had left an enduring legacy that would continue to inspire generations.
The governor spoke through the Secretary to the Rivers State Government, Dr Dagogo Wokoma, at the funeral service of the late elder statesman last Saturday in Buguma, Asari-Toru Local Government Area of the State.
He described Horsfall as a patriotic Nigerian whose leadership and dedication to the country’s development earned him a place in the nation’s history.
“Chief Horsfall was a distinguished statesman whose life was defined by service, patriotism, integrity and commitment to humanity.
“His contributions to our nation, particularly through his service as Director-General of the State Security Service, pioneer Director-General of the National Intelligence Agency and Chairman of OMPADEC, remain significant milestones in our national history,” Fubara said.
The governor noted that the late Horsfall’s contributions to national security, intelligence administration and the development of the Niger Delta would remain part of his enduring legacy.
“His legacy of leadership, national service and dedication to development will remain an enduring source of inspiration to generations yet unborn,” he added.
Fubara urged the bereaved family, the Kalabari people and other Nigerians to uphold the values of peace, unity and selfless service exemplified by the late elder statesman.
The funeral service attracted several dignitaries, including the Director-General of the Department of State Services (DSS), the Director-General of the National Intelligence Agency (NIA), a representative of the Bayelsa State Governor, the Managing Director of NDDC, Chairman of PENDEF and the Regent of the Kalabari Kingdom.
Also in attendance were the Rivers State Commissioner for Education, the Commissioner for Special Projects and other government officials, traditional rulers and stakeholders.
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to partner with local government councils that prioritize the welfare and development of people at the grassroots.
Fubara stated this last Thursday in Nkoro Town during the commissioning of the newly built Sir Siminalayi Fubara Corps Members’ Lodge, executed by Hon. James A. James, the Chairman of Opobo/Nkoro Local Government Area.
Represented by his Chief of Staff, Mr Sunny Ewule, the governor said the project goes beyond a building to represent hope, hospitality and responsible leadership.
According to him, providing decent and safe accommodation for Nationl Youth Service Corps (NYSC) members who leave their comfort zones to serve in communities is the least government can do.
“Today we are not just commissioning a building, we are commissioning hope, hospitality and responsible leadership. The Chairman of Opobo/ Nkoro LGA, Hon. James A. James has understood a very simple truth that those who come to serve us must serve with dignity,.
“Our young graduates who serves under the NYSC scheme leave the comfort of their homes and travel far to contribute to our communities, they teach our children, they work in our health centres, and they become parts of our families.
“The least we can do is give them a decent, safe and befitting place to lay their heads. What Hon. James A. James has done today is in total alignment with the vision of this administration, an administration that believes in people, that prioritises welfare and that believes development must be felt in every local government and not just in Port Harcourt” he said.
Fubara further urged the beneficiaries of the corpers lodge to make good use of the facilities of the newly built edifice and be good ambassadors of Nigeria, respect the culture and traditions of the host community while continue to serve with dedication and patriotism.
“This Corpers lodge will enhance the security and welfare of serving corps members, boost their morale and make Opobo/Nkoro and even more attractive place for posting, it is a strategic investment in human capital and in peace building,” he said.
He commended the Opobo/Nkoro Council Chairman for aligning with his administration’s vision of ensuring development is felt in all 23 local government areas of the State, and not just in Port Harcourt, adding that the lodge is a strategic investment in human capital, security and peace building.
In his goodwill message, the Rivers State NYSC Coordinator, Mr. Moses Oleghe, said the accommodation was 85 percent of Corps members’ challenges.
Oleghe thanked Governor Fubara for the recent increase in the State allowances for Corps members to N35,000 for those in 21 rural areas and N20,000 for those in Obio/Akpor and Port Harcourt City LGAs, describing the gesture as a moral booster for the corps members.
The Inspector-General of Police, IGP Olatunji Disu, has secured an offer of specialised training for up to 5,000 Nigerian police personnel under a proposed security cooperation involving Nigeria, the United States and Italy.
The Force Public Relations Officer, CSP Ani Iniedu, disclosed this in a statement issued at the Force Headquarters, Abuja, at the weekend.
The initiative is aimed at strengthening the operational capacity of the Nigeria Police Force to tackle insurgency, terrorism, kidnapping, arms trafficking and other emerging security threats across the country.
According to the statement, the proposed training programme will focus on counter-insurgency operations, intelligence-led patrols and tactical operations, particularly in difficult rural and forested environments.
Other areas of training include critical infrastructure protection, digital and scientific forensics, cybercrime investigations, explosives detection, financial investigations, asset tracing and anti-extortion operations.
The programme is expected to extend beyond the Police Mobile Force to other specialised units, including explosive ordnance disposal and forensic teams.
As part of the engagement, Disu met with the Commander-General of the Italian Carabinieri, Lieutenant-General Salvatore Luongo, to explore areas of technical assistance, professional training and institutional cooperation.
The police chief and his delegation also visited the Carabinieri Centre of Excellence for Stability Police Units in Vicenza, Italy, where they assessed training facilities and explored opportunities to adapt specialised policing programmes to Nigeria’s security needs.
Proposals discussed during the visit included command courses for 40 senior police officers, leadership training for 100 junior commanders and the deployment of a mobile assistance team to support Police Mobile Force training schools in Gwoza, Borno State, and Ila-Orangun, Osun State.
The discussions also covered the development of a national stability policing doctrine and standard operating procedures to improve professionalism, operational coordination and civilian protection, particularly in communities recovering from conflict.
Other areas of proposed cooperation include canine operations, forensic science and mounted policing, including horse breeding and local capacity development for effective public order management.
To formalise the proposed partnership, the IGP has initiated moves towards a Memorandum of Understanding covering specialised training, technology transfer and operational procedures.
He also invited an Italian Carabinieri assessment team to Abuja to identify priority needs and develop implementation arrangements.
Disu reaffirmed the commitment of the Nigeria Police Force to international partnerships that will strengthen operational readiness, improve investigative capacity and enhance the protection of lives and property.
The statement did not, however, indicate when the proposed training programme would commence or provide a definite implementation timetable.
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