Mohammed Shosanya
The Lagos Chamber of Commerce and Industry,LCCI,has implored President Bola Tinubu,to halt the revenue leakage of more than $ 5 billion Nigeria paid annually as freight to foreign ship owners.
The chamber also said other issues of revenue leakages, such as oil theft, should also be properly addressed.
Its President,Micheal Olawale-Cole,who conveys the suggestions in a press statement,said the development would ensure that the government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget.
The chamber also said,the efforts will improve Nigeria’s revenue profile and create a more conducive and internationally competitive business environment
The statement added that the chamber’s perspectives are in tandem with the Government’s need to check the over-bloated and inefficient workforce of the Ministries, Departments, and Agencies (MDAs).
On planned merger of ministries,the chamber advised the government to embrace critical stakeholders’ engagement and consultation, which we will provide further insights into charter-specific responsibilities and possibilities.
It said:”We understand the Government’s arguments on the proposed merger, which borders on improving efficiency in collecting all direct and indirect taxes and levies.The LCCI supports the Government’s desire to curb the rising cost of governance, its readiness to declare a state of emergency on revenue generation, and its resolve to tackle them headlong.
“The government should ensure that implementing the proposed merger does not impede the ease of doing business. It would also be necessary for the Government to ensure that the fallout of the proposed merger, such as staff rationalization, realignment of operating structure, accountability, and transparency, are adequately dealt with”
The chamber commended the government on the recently released Executive Orders, which,it said, will curb arbitrary taxation policies.
The executive orders,it said,demonstrate the listening ear tendency of the President,adding that,they further highlight the administration’s readiness to strengthen due process, willingness to follow established path, and readiness to uphold collective agreements while at the same time taking into serious consideration their economic growth impacts in general and the organized private sector in particular.
It said,the orders will also lessen the current hardship being faced by the households.
“With the new dates, the LCCI believes that they will afford the affected sectors enough time to rise to the expectations of the Acts.Presidential Committee on Fiscal Policy and Tax Reforms. Further, the recent appointment of Taiwo Oyedele as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms established to remove barriers impeding business growth in Nigeria is decisive affirmative action.
” It is clear by this pronouncement that the President recognizes the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.
” The committee’s primary objective would be to enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture, and drive voluntary compliance. Your Excellency, it would be important for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers
