Government to introduce new tax regime -Yar’Adua

President Umaru Yar’Adua dropped this hint at a meeting with chief executives of companies quoted on the Nigerian Stock Exchange (NSE). He assured the leaders of Nigeria’s organised private sector that his government would soon present a bill to the National Assembly for the positive reformation of tax administration in the country.

"I assure you that it will address the issue of multiple taxation and other problems you complained of," Yar’Adua told the delegation, which was led by Oba Otudeko, president of the NSE.

The president further assured the delegation that his administration would diligently implement programmes and policies that would create a stable polity and an enabling environment for the private sector to play a leading role in the rapid development of the economy. This would as well help in the attainment of the 2020 goal. Nigeria aims to be one of the world’s leading economies by the year 2020.

Yar’Adua cited the electoral reforms, adherence to the rule of law, steps to enhance the security of lives and property, educational reforms and the urgent provision of critical infrastructure as some of the issues that his administration would give priority attention.

"Once we have adherence to the rule of law as a reference point in our country, investor confidence in our economy will grow. We will pursue electoral reforms to strengthen our democratic institutions and foster political stability in our country. We will also reform our education sector so that it can produce the knowledgeable and skilled young men and women you can employ," the president said.

Yar’Adua, however, urged the private sector to continue to support the reform agenda of his government by investing more in the provision of critical infrastructure in the country. "I thank you for the role you are already playing, but I urge to bring more investments, particularly for the provision of infrastructure. Six-to-nine-billion dollars per annum is needed in this area. We must source these funds collectively to put the required infrastructure in place in the fastest way possible."

Otudeko, at the end of the meeting, said the delegation "came to highlight with the president some very important critical part of the economy that we believe we can address together with his leadership. We identified the need to address the issue of power as very central to development of our economy.

"We identified to His Excellency that his administration should look into the issue of taxation to look at the right balance between the need of government for development as well as responsibility of government to intensify development in the private sector."

The NSE president noted that the focus of the Yar’Adua administration "on power has never been misunderstood. The government sees the private sector as a partner with which the economy of this country and the development is to be driven forward. It was very clear and he has made it clear during the economic summit that this government focuses on the development of infrastructure as a major plank of development."