Politics
How The Federal Government Can Attain A N10 Trillion Annual Revenue From Non-Oil Assets, According To Oyedele
How The Federal Government Can Attain A N10 Trillion Annual Revenue From Non-Oil Assets, According To Oyedele....KINDLY READ THE FULL STORY HERE▶
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has outlined a strategy for Nigeria to generate N10 trillion annually by effectively managing its non-oil assets. Speaking at a stakeholders’ forum organized by the Harvard Business School Association of Nigeria in Lagos, Oyedele highlighted that the country’s non-oil assets, valued between N80 trillion and N100 trillion, have been overlooked and mismanaged…..CONTINUE READING
He revealed, “We found out that other than oil when you are talking about assets. Some estimates, although still working on it, show something in the region of N80 to N100 trillion scattered all over the place. We haven’t shown any care at all as a country about those assets such that they have been mismanaged.”
Oyedele drew attention to a specific asset worth trillions of naira, where someone registered a company with the Corporate Affairs Commission to hold those assets, and the shareholders are still within Nigeria. Stressing the urgency of improved asset management, he proposed the potential benefits of selling underperforming assets to generate liquidity and stimulate economic growth.
He emphasized, “Imagine that you become more efficient with a N100 trillion asset alone; even if you get a return of 10 per cent yearly, that’s easily N10 trillion. If you cannot manage the asset well, then sell it and get liquidity in. You need some of the FX liquidity, and then the private sector becomes more productive not only with that stimulated economic activity, but they will pay taxes.”
While acknowledging the Committee’s forthcoming comprehensive tax reforms aimed at boosting economic growth and alleviating the burden on businesses, Oyedele disclosed that the reform agenda recognizes the challenges faced by businesses, particularly the tax pressure on working capital. He assured that businesses not liable to tax will be spared, aligning with the broader goal of creating a balanced and conducive environment for economic growth.
Regarding the tax reforms, he stated, “We have drafted a new tax regulation. The only reason why it hasn’t been published is that some of the things we included will amend the existing laws, so we put the amendment in the emergency bill waiting for the lawmakers to pass, so we can then issue the regulation.
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