Minister Seeks Partnership With FIBOP To Fast Track Achievements Of $1trn Ec

 

By allcitynews.ng 

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for partnership with media professionals, especially members of Finance and Business Online Publishers Association (FiBOP) to fast track  achievements of $1trillion Economy by  2030.

The Minister reiterated that $1 trillion ambition will require more than tax reforms, revenue targets and policy announcements. And it will depend on sustained investment, infrastructure development, access to finance, industrial expansion and consistency in government policies.

Oyedele, who was represented by the Special Adviser on Revenue, Olufemi Olarinde, during the event, explained that achievement of $1 trillion economy and create jobs would only be doable if and when FiBOP members who are covering financial sector should focus more in the taxation reportage.

"Ultimately, Nigeria’s $1 trillion ambition will require more than tax reforms, revenue targets and policy announcements. It will depend on sustained investment, infrastructure development, access to finance, industrial expansion and consistency in government policies.

"For the reforms to deliver meaningful results, increased economic activity must translate into more jobs, higher incomes, stronger enterprises and improved living standards."

The central test, said Oyedele, is whether the tax system can generate sufficient public revenue without undermining the productive activities needed to expand the economy.

If effectively implemented alongside improvements in infrastructure, financing and the business environment, the new tax policy could become an important instrument for encouraging investment and advancing Nigeria’s ambition of building a $1 trillion economy by 2030.

On his part, the chairman of Nigerian Exchange (NGX), Umaru Kwairanga, has called for enlarged media partnership with leaders and members of  Finance and Business Online Publishers (FiBOP) to actualise the growth and development of  the economy.

Speaking on the topic "Unlocking Nigeria's Economic Potential,"

Kwairanga who was one of the  Guest speakers, re-emphasised his call on media, particularly FiBOP members to collaborate with Stock Exchange to build stock exchange industry, saying, "At the Nigerian Exchange Group, we have keyed into Mr. President's vision for a trillion dollar economy since the early days of this administration and we have been working together to attract the investments and capital that will make it possible to achieve that goal. 

"This has included strengthening our platforms and processes, broadening our offerings in terms of products and companies and enlightening the world and Nigerians about the positive impact of various macroeconomic reforms that have been undertaken by the Tinubu administration."

In the same vein, Kwairanga maintained that "In recent months, we have been using the opportunity of the Dangote Refinery IPO to showcase Nigeria across the African continent and globally and attract cross border capital. The trillion dollar economy is  only achievable if we attract the vast amounts of capital required to fix infrastructure, establish productive and thriving  enterprises and create jobs that will allow every citizen feel the impact. Those are the things that the Nigerian capital market is focused on and so we believe we remain central to the achievement of that vision and we will not slow down until it is achieved.'

On his part, the Managing Director and Chief Executive Officer of  Centre for the Promotion of Private Enterprise (CPPE) Dr Muda, has charged journalists to use their tools in addressing the wasteful spending in the country.

Muda who was  the chairman of the event, lamented against  recurring borrowing without any justifiable reasons.

According to him, "High borrowing costs have constrained manufacturing, agriculture, construction, distributive trade and Micro, Small, and Medium Enterprises (MSMEs). 

With food playing significant role  in lives of everyone and food inflation remaining major threat to household welfare should be addressed rather than wasteful spending.

According to him, "Food inflation increased marginally from 19.57%, this divergence is economically significant. Food constitutes a disproportionately large share of expenditure among low-income households. Consequently, elevated food inflation erodes real incomes, deepens poverty risks and weakens household consumption which should be main focus of government."

Muda charged journalists to hold political class accountable by demanding to know the basis for their expenses which  are  not of beneficial effects on the masses.

"Of what  beneficial effects are beginning projects that  would  cost heavy money at the detriment of building  lives of the people. Of what use are construction of  local  airports without motorable roads. Or what  is essence buying heavy vehicles when million  of people are  being confronted   with hardship. Media should intensify their efforts to hold them accountable," he stressed.

Moreover he called  on  "Reduce energy costs, improve infrastructure, lower financing costs and create a more conducive manufacturing environment.

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