ABUJA – The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday in Abuja urged collaboration among all stakeholders in promoting investment in all critical sectors of the Nigerian economy.
“In order to harness these resources, it is necessary for concerted efforts to be made by all relevant stakeholders so as to attract foreign direct investment through the provision of critical infrastructure, legal and regulatory frameworks and tax incentives,” he said.
Mbam said that RMAFC through its economic diversification programme had been forging synergy by bringing all stakeholders together in the quest to create the atmosphere for sustainable investment.
“This will in the long run, turn around Nigeria’s economy, boost its revenue base, create employment opportunities for the teeming unemployed youths and generally improve the socioeconomic living conditions of the populace.
“We have also met with the Nigeria Customs Service, Federal Inland Revenue Service, NNPC and its subsidiaries and the Central Bank of Nigeria to strategise on how to reduce revenue loss through indiscriminate granting of waivers and tax holidays,” he said.
Mbam appealed to the NIPC to exercise caution and observe due diligence in the granting of Pioneer Status Initiative (PSI) with a view to minimising abuse and reducing consequent revenue loss.
Earlier, the NIPC Executive Secretary, Mrs Saratu Umar, said that NIPC had since inception granted Pioneer Status Incentive (PSI) to 410 companies.
“This comprises of 175 manufacturing companies, representing 42.68 per cent; 42 Agriculture and Agro-Allied companies, representing 10.42 per cent and 40 Oil & Gas companies, representing 9.76 per cent.
“Also, 35 ICT companies were granted PSI, representing 8.53 per cent, 8 Chemical companies, representing 1.92 per cent and 4 Transportation Companies, representing 0.98 per cent,” she said.
Umar explained that the PSI was a fiscal concession, designed by government and backed by law to encourage and promote industries identified by government as “Priority Areas” and “Growth drivers” of the economy.
She said that over the past two decades, most governments had actively attracted scarce private capital, technology and managerial skills to help achieve their developmental goals.
Umar said that for Nigeria to compete favourably with other countries, it must continue to evolve strategies and develop incentives to attract the much needed private capital for infrastructure development. (NAN)