The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that Nigeria can easily earn N10tn annually through efficient management of its non-oil assets.
Oyedele stated this in Lagos at a stakeholders’ forum organised by the Harvard Business School Association of Nigeria.
He emphasised that the country’s non-oil assets, estimated to be worth between N80tn and N100tn, have not received adequate attention and are being mismanaged.
He said, “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 N100tn 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.”
“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets and the shareholders are still in this same Nigeria,” the chairman said.
Oyedele highlighted the need for improved asset management and the potential benefits of selling underperforming assets to generate liquidity and stimulate economic growth.
He said, “Imagine that you become more efficient with a N100tn asset alone, even if you get a return of 10 per cent yearly that’s easily N10tn. 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,” he said.
The chairman further disclosed the Committee will unveil comprehensive tax reforms aimed at bolstering economic growth and easing the burden on businesses.
