PBAT Reaffirms Commitment To Diversification Of Economy

President Bola Tinubu has reaffirmed his administration’s dedication to diversifying the nation’s economy away from its heavy reliance on fossil fuel production.

The President, stated this in Abuja at a two-day retreat organized for members of the House of Representatives.

Declaring the retreat Open, the President emphasized the need to capitalize on the oil and gas sector’s revenue potential through policies aimed at attracting investment to drive economic growth.

Represented by his Chief of Staff, Mr. Femi Gbajabiamilla, President Tinubu, explained that the recent signing of the executive order on oil and Gas reforms is aimed at unlocking 10 billion dollars fresh investment into the oil and gas sector.

Speaking on tax reforms, the President explained that reforms in the tax systems would curtail excessive tax burdens without compromising government revenue streams.

He emphasized the need for the National Assembly to support the implementation of these reforms effectively.

While delivering his keynote address, the Speaker of the House, Dr. Abbas Tajudeen, decried Nigeria’s poor efficiency in collecting Value Added Tax (VAT), stating that it ranks the lowest among its African counterparts.

Dr. Abbas, explained that the House made a deliberate decision to focus on tax reforms as well as a review of the implementation of the Petroleum Industry Reform Act, 2021.

He expressed the readiness of the tenth house to support the president’s economic policies and programs.

“This trend of low tax revenue, coupled with a continued dependency on the increasingly unstable oil revenue, presents a major risk to Nigeria’s fiscal sustainability. It also highlights an important area for potential reform to boost revenue and stabilise the country’s economic framework.

“The lack of growth in non-oil revenue sources and the volatile nature of oil income underscores the urgent need for Nigeria to diversify its revenue base and enhance its fiscal management to ensure economic stability and growth.”

On his part the Deputy Speaker, Mr. Benjamin Okezie Kalu, reiterated that the parliament would develop a clearer roadmap for its role in the implementation of the Petroleum Industry Act (PIA).

According to the Deputy Speaker, the two-day retreat aimed to foster stakeholders’ engagement, ensure constructive dialogue, exchange ideas, and offer insights on legislative strategies that will contribute to the economic transformation of Nigeria.

The two day retreat with the theme Navigating Change: Legislative strategies for economic transformation was organized in collaboration with, Federal Inland Revenue Service and Konrad Adenauer-Stiftung Foundation, KAS.

The retreat had in attendance, Former Speakers of the house of representatives, Patricia Etteh and Yakubu Dogara, as well as the Former Governor of Kastina
State, Aminu Bello Masari.

Oduyemi Odumade, Edited By Grace Namiji