Nigeria’s President Umaru Yar’Adua, Monday September 18th, assured leaders of the country’s organized private sector that his administration would soon present a bill to the National Assembly for the positive reformation of tax administration in the country.
He told chief executives of companies quoted on the Nigerian Stock Exchange (NSE) at a session in the capital city of Abuja the comprehensive tax reform bill prepared by the last administration would be reviewed and re-presented to the current National Assembly for enactment.
“I assure you that it will address the issue of multiple taxation and other problems you complained of,” Yar’Adua told the delegation, led by NSE President Oba Otudeko.
He 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, so it could play a leading role in the rapid development of the Nigerian economy and the attainment of the goal of making Nigeria one of the world’s leading economies by the year 2020.
He listed electoral reforms to strengthen Nigeria’s democratic institutions, 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 would be given priority attention by his administration to create better conditions for the private sector to thrive.
“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,” Yar’Adua told the delegation.
Otudeko commended the President’s leadership of the nation since his assumption of office, saying there was a positive correlation between the President’s commitment to the rule of law, investor confidence and economic growth.
The delegation also urged the President to deal decisively with the “contentious” issues of taxation in the country, saying that there was an urgent need to strike a proper balance between governments’ legitimate need for tax revenue and the need to encourage investors.