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Last Updated: May 30th, 2008 - 10:07:12
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Business News
President Yar’adua promises action on tax reforms
Sep 17, 2007, 20:52
| | President Umaru Musa Yar’Adua has assured leaders of Nigeria’s organized private sector that his Administration will soon present a bill to the National Assembly for the positive reformation of tax administration in the country.
Speaking at a meeting with chief executives of companies quoted on the Nigerian Stock Exchange at the State House Abuja on Monday September 17, President Yar’Adua said that the comprehensive tax reform bill prepared by the last Administration will be reviewed and 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,” the President told the delegation which was led by Chief Oba Otudeko, President of the Nigerian Stock Exchange.
President Yar’Adua further assured the delegation that his Administration will 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 Nigerian economy and the attainment of the goal of making Nigeria one of the world’s leading economies by the year 2020.
He listed electoral reforms to strengthen Nigeria’s democratic institutions, adherence to the rule of law, steps to enhance the security of lives and property, educational reforms and the 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, investor confidence in our economy will grow. We will pursue electoral reforms 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,” President Yar’Adua told the delegation.
The President however called on the private sector, once again, to support his Administration’s efforts by investing more in the provision of critical infrastructure. “I thank you for the role you are already playing, but I urge to bring more investments, particularly for the provision of infrastructure. Six to Nine Billion Dollars 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,” he said.
Noting that the organized private sector was now represented on 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 that the private sector will now be able to contribute to the formulation of all major national economic policies.
In its address to the President presented by Chief Otudeko, the Organized Private Sector commended his leadership of the nation since his assumption of office, saying that there was a positive correlation between the President’s commitment to the rule of law, investor confidence and economic growth.
They also praised his commitment to resolving the problem of power supply, which they said, was 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” issues of taxation in the country saying that there was an urgent need to strike a proper balance between governments’ legitimate need for tax revenue and the need to encourage investors.
Related links:
President Umaru Musa Yar ‘Adua speech at the opening Ceremony of the 13th Nigerian Economic Summit
President Yar’adua opens 2nd Nigerians-in-Diaspora forum on Science and Technology
President Yar’adua expresses concern over domestic debt, local empowerment strategies
President Yar’adua urges new strategies to tackle energy crisis
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