October 19, (THE) – Nigeria’s President, Bola Ahmed Tinubu, has called for collaboration with the National Assembly to grow the nation’s economy.
The president made the call while declaring open the retreat for Senators on Fiscal Policy and Tax Reforms open at Four Points Hotel by Sheraton, Ikot Ekpene, on Thursday, President Tinubu said it was unacceptable that 65 percent of Nigerians, representing 84 million people, were multi-dimensionally poor.
The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said he was committed to making Nigeria’s economy grow from the current three percent to a reasonable level.
“My ambition, commitment and objective is to make life better for all Nigerians. It is unacceptable that we are quoted as having 65 percent of the population, 84 million people are found as multi-dimensionally poor.
“The antidote to this is that, this government is committed to doing all we can to make Nigerian economy grow and achieve rapid, sustained and inclusive growth.
“I cannot do this alone, there has to be team network and of course legislators. The Senators have a key role to play.
“At this time when we are considering the medium-term economic framework and fiscal sustainability programme, it is topical and timely that we should be having this retreat because after now, we will be considering the budget.
“I am sure that as I am committed to you, you are also committed to maintaining the fine tradition of having the budget considered, passed and signed into law by December.
“It will take collaboration, teamwork and understanding of all to make all the lofty projects of this administration to work”. The president stated.
The Senate President, Chief Godswill Akpabio, said the retreat will transform the physical and mental psyche of Nigerians and look into fiscal laws that contradict the constitution with a view to initiate necessary reviews.
Akpabio said the opportunities given to government agencies to generate revenue and send pittance to the Federal Government was null and void as it was not in tandem with the Constitution of the Federal Republic of Nigeria.
“This retreat would afford us the opportunity to review some of those laws and at the end, walk closely with the House of Representatives so that we don’t continue to make laws that is against our own constitutional provision.
“We want to assist the Federal Government, we are not against the Federal Government; but if we continue the way we are going, we will continue to have agencies of government spending more monies, agencies competing with the Federal Government, building schools, engaging in scholarships, and building universities.
“We must unbundle the Federal government. We cannot continue to vote money year in, year out for primary school construction, primary education and the Federal government does not have a single primary school in this country. Why then do we vote billions of naira at the centre,” he stated.
The senate President traced insecurity in the country to the mining of natural resources across different states of the country, without proper regulation and remittance to the coffers of the government, and called for a long term plan to improve on the internally generated revenue of the country.
Also speaking, the Speaker, House of Representatives, Hon. Abbas Tajudeen, mentioned that the high revenue spent on debt servicing constrains the fiscal space for other developmental needs, adding that the multiplicity and duplication of taxes impacts negatively on the nation’s efficient tax system.
Tajudeen stated that the House of Representatives was committed in its collaboration with the Senate to tackle the nation’s fiscal problems through the implementation of appropriate legislative frameworks and measures.
“The gap between the Federal Government’s revenue and expenses has grown four times larger between 2015 and 2021. In 2023, for instance, the expected budget deficit is over N10 trillion, which is mainly being funded through borrowing.
“Although our debt-to-GDP ratio remains relatively low compared to many countries, the proportion of revenue spent on debt servicing is high, which can constrain the fiscal space for other developmental needs.
“Only a few weeks ago, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, disclosed that Nigeria loses about N20 trillion (about $26 billion) annually due to gaps existing within its tax system including evasion, inefficiencies in collection modes, weak enforcement, and a large informal sector that remains outside the tax net.
“Over the years, the National Assembly has responded proactively to these issues and promoted economic reforms emphasising ease of doing business.
“We in the 10th House of Representatives intend to work with the Executive and stakeholders to improve the coherence of our tax system, both in terms of administration and operation. Accordingly, the Fourth Legislative Priority in our Legislative Agenda is Economic Restructuring.
“We will use legislative measures to provide incentives on tax breaks to encourage innovations and for industries that have the potential for job creation and export growth”, he explained.
In his speech, Akwa Ibom State Governor, Pastor Umo Eno, said the retreat shows the commitment of the 10th Senate in making laws for the economic prosperity and well-being of Nigerians.
Eno, who was represented by the Deputy Governor, Senator Akon Eyakenyi, said already the state government has keyed into the prudent management of scarce resources by undertaking people-oriented and infrastructural projects.
“With a growing population, volatility of the crude oil market and the diminishing relevance of fossil fuels, it has become imperative for governments at all levels to explore alternative sources of public finance and adopt creative means of managing same in order to keep meeting their obligations to the people.
“Permit me to say that the objectives of this retreat align with the policy of prudent management and transparency by our administration. We are irrevocably committed to transparency and accountability.
“In line with this, we have made a full disclosure of the details of our budget implementation. We believe our people reserve the right to know all our efforts at developing the State.
“Our commitment to prudent management of scarce resources is already yielding fruits as we are undertaking people-oriented and infrastructural projects across the State”, he stated.
In his welcome remarks, Director General, National Institute for Legislative and Democratic Studies (NILDS), Prof. Abubakar Sulaiman, said as an institutional member of the committee on Fiscal Policy and Tax Reforms, NILDS shows the importance of the National Assembly to the socio-economic agenda of Tinubu’s administration.
Sulaiman explained that the retreat’s focus on Fiscal Policy and Tax Reforms demonstrates the commitment of the National Assembly to align with fiscal and sectoral reforms.
“In a broader perspective, permit me to note at this juncture that this retreat should be viewed as part of the ways and means of enhancing the knowledge and strengthening the technical capacity of senators in the discharge of your responsibilities generally, support the deepening of your knowledge and skills on public financial management and identifying how the Senate can support the committee on the Fiscal Policy and Tax Reforms.
“It is to also strengthen measures to further enhance legislature–executive relationships and address issues of insecurity, which have hampered meaningful development.
“Furthermore, the retreat will open discourse on Electoral Reforms as part of democratic consolidation in light of the experiences gained with the operation of the 2022 Electoral Act in the 2023 General election”, he stated.
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