President Umaru Musa Yar'Adua yesterday said that he would soon present a comprehensive tax reformation bill to the National Assembly as a way of streamlining its administration in the country.
President Umaru Musa Yar'Adua yesterday said that he would soon present a comprehensive tax reformation bill to the National Assembly as a way of streamlining its administration in the country.
He told chief executives of companies quoted on the Nigerian Stock Exchange (SEC) at a meeting in Abuja that the bill prepared by the last Administration is being reviewed and would be re-presented to the current National Assembly for enactment.
"I assure you that it will address the issue of multiple taxation and other problems you complained of," he said.
Yar'Adua further assured the delegation led by the President of the NSE, Mr. Oba Otudeko, that his administration would diligently implement programmes and policies that will create a stable polity and an enabling environment for the private sector to play a leading role in the rapid development of the country's economy and the attainment of the goal of making Nigeria one of the world's leading economies by the year 2020.
He listed electoral reform to strengthen Nigeria's democratic institutions, adherence to the rule of law, steps to enhance the security of lives and property, educational reform and urgent provision of critical infrastructure as some of the issues that will be given priority attention by his administration to create better conditions for the private sector to thrive.
"Once we have adherence to the rule of law as a reference point in our country, investors' confidence in our economy will grow. We will pursue electoral reform to strengthen our democratic institutions and foster political stability in our country. We will also reform our education sector so that it can produce the knowledgeable and skilled young men and women you can employ," the president said.
He however called on the private sector, once again, to support his administration's efforts by investing more in the provision of critical infrastructure.
The President said: "I thank you for the role you are already playing, but I urge you to bring more investments, particularly for the provision of infrastructure. About $6 billion to $9 billion per annum is needed in this area. We must source these funds collectively to put the required infrastructure in place in the fastest way possible."
Noting that the organised private sector is now represented in the Federal Government's Economic Management Team in keeping with the spirit of public sector-private sector partnership which his administration is trying to foster, President Yar'Adua said the private sector will now be able to contribute to the formulation of all major national economic policies.
In his address, Otudeko stated that the Organised Private Sector is confident on the President's leadership since his assumption of office. He noted that there is a positive correlation among the President's commitment to the rule of law, investor's confidence and economic growth.
The delegation also praised his commitment to resolving the problem of power supply, that the group said to be critical to economic development. "We pray that in your time the problem of power supply will be solved. History will be grateful to you for this," they said.
The delegation also urged the President to deal decisively with the "contentious" issue of taxation in the country, saying there is an urgent need to strike a proper balance between governments' legitimate need for tax revenue and the need to encourage investors.
From Madu Onuorah, Abuja
The Guardian
Tuesday, Spetember 18, 2007
