Kashim Shettima Speaks On Tinubu’s Administration Imposing More Taxes On Nigerians

Vice President, Kashim Shettima has said that President Bola Tinubu’s administration is targeting to increase the efficiency of tax collection in the country.

He reassured Nigerians that there are no plans to impose more taxes on them.

Shettima stated this on Thursday when he received a delegation from the Chartered Institute of Taxation of Nigeria at the Presidential Villa during which he solicited the Institute’s insights on attracting foreign direct investment through competitive company tax rates.

The Vice President also met with the Chartered Institute of Stockbrokers at the Villa where he called for the complete overhaul of the system to attract more youths to leverage opportunities in the sector.

He said the restructuring should include the strengthening of internal mechanisms to checkmate unwholesome practices by unscrupulous persons in the market.

In an interview with State House Correspondents after the two meetings, the President of the Chartered Institute of Taxation of Nigeria, Samuel Agbeluyi, commended the Federal Government for its efforts at addressing the challenge of insecurity.

Tinubu Has Shown Transparency In Financial Dealings – Shettima

Meanwhile, Shettima has said the President Bola Tinubu-led federal government has performed well in its fiscal responsibilities and management of the nation’s resources.

Shettima said this on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja

He cited the recent ranking by global credit rating agency, Fitch, which upgraded Nigeria’s credit outlook to positive, describing it as a reflection of increasing confidence in the nation’s economy.

In a statement issued by his spokesman, Stanley Nkwocha, the vice president stated that the Tinibu administration will continue to maintain transparency in financial dealings.

He said: “There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, it is not surprising that just a few days ago, Fitch Ratings upgraded Nigeria’s credit outlook to positive, citing reform progress under President Tinubu.

“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden.”

Nwokocha said NEC also had members of the Institute Chartered Accountants of Nigeria in attendance to “shed light on the accountability index and their ranking of states on public financial management (PFM)”.

He said this would guide the government at all levels to adjust their “finances and planning for the rainy days based on realistic projections”.

NEC deliberated on the general state of the economy and resolved to do more to improve the situation across the country, especially supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

Urging Council members to assess the administration’s journey so far and acknowledge the impact of their decisions, Shettima drew attention to the nation’s MSMEs, describing them as the backbone of the country’s economy.

As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.

“Accounting for about 96% of all businesses in the country and contributing 49% of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry. We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival,” he pointed out.

To achieve President Tinubu’s promise to create jobs and eradicate poverty, VP Shettima noted that access to capital must be a central driver of the target.

He added: “Therefore, our agenda today revolves around the ongoing and proposed interventions we have designed to support our small businesses.

“Whether it is addressing the inflationary impacts of the inevitable solutions proposed to save the economy or tackling the issue of high-interest rates at our financial institutions, our focus is on ensuring the survival and prosperity of these enterprises.”