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 efficiently 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, estimated between N80 trillion and N100 trillion, have been overlooked and mismanaged.
He emphasized the significance of proper asset management, suggesting that improved efficiency and the sale of underperforming assets could stimulate economic growth and generate liquidity. Oyedele proposed that even a 10% yearly return on a N100 trillion asset could result in N10 trillion, showcasing the potential benefits.
Addressing the need for comprehensive tax reforms, Oyedele mentioned the committee’s upcoming plans to bolster economic growth and alleviate the tax burden on businesses. The reforms aim to recognize the challenges faced by businesses, particularly regarding the pressure of taxes on working capital. Additionally, the reforms intend to create a balanced and conducive environment for economic growth by sparing businesses not liable to tax.
The chairman highlighted the broader impact of these reforms, anticipating increased private sector productivity, tax payments, and overall economic activity. The comprehensive tax reforms are expected to play a crucial role in fostering a more vibrant and sustainable economic landscape in Nigeria.
“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.
Kindly share your thoughts and opinions concerning this news in the comment section below.
Credit Vanguard
