The National Economic Council (NEC), led by Vice President Kashim Shettima, has recommended the withdrawal of the current Tax Reform Bill from the National Assembly......See Full Story>>.....See Full Story>>
NEC said the withdrawal would give room for more comprehensive consultation and consensus-building among key stakeholders.
The Council recommended this on Thursday, at the end of its 145th meeting chaired by Shettima, after listening to a presentation from the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele.
According to a statement from Shettima’s spokesman, Stanley Nkwocha; the Council “called for more extensive consultation with stakeholders to align on the far-reaching impacts of the proposed tax reforms“.
Speaking on frequent national grid collapse, Vice President Shettima announced that NEC would adopt measures to speed up the decentralization of the national grid, with a view to putting an end to incessant collapse that has plunged some states in the North into total darkness.
He listed some of the measures for the decentralization of the national grid to include “the establishment of mini-grids, solar and renewable energy sources like solar photovoltaic and wind turbines”.
He stated that the burden of accountability has compelled the government to never look away from these issues.
He stressed the urgent need for the implementation of the Nigeria Energy Sector Implementation Plan (NESIP), emphasizing that the energy sector must embrace the potential of renewable energy, as well as leverage solar and mini-grid solutions designed to meet regional electricity demands.
“A robust economy is the backbone of every nation. The recent blackouts caused by the actions of vandals remind us of our urgent need to expand our energy infrastructure. I believe the governors here would agree that the decentralization of electricity is our path forward.
“We will continue to promote the constitutional framework that empowers constituent states within the Nigerian federation to generate, transmit, and distribute electricity in areas covered by the national grid. Together, we can make instability a relic of the past.
“Furthermore, our energy sector must embrace the potential of renewable energy. We must leverage solar and mini-grid solutions tailored to regional needs. I urge the Council to support the implementation of the Nigeria Energy Sector Implementation Plan (NESIP).
“If we capitalize on our diverse regional energy resources, from northern Nigeria’s solar potential to the south’s gas reserves, we can build a resilient, decentralized energy system that drives growth and empowers our communities,” Shettima said.
The Vice President also explained that the tax reforms initiated by President Bola Tinubu’s administration would broaden the nation’s revenue base, foster economic stability, and diminish dependency on specific sectors.
“I must admit that the tax reforms initiated at the onset of this administration by His Excellency, President Bola Ahmed Tinubu, have opened avenues to address stakeholders’ concerns, particularly regarding VAT reform and its implications for sub-national revenues.
“As representatives of diverse interests, I have no doubt that you share a common aspiration: to broaden our revenue base, foster economic stability, and diminish our dependency on specific sectors,” he noted.
On Human Capital Index, Shettima cautioned that it is a tragedy that must be confronted following Nigeria’s low ranking.
“We grapple with alarming statistics related to life expectancy, maternal and child mortality, and educational attainment. We gather here today to redeem this dark reality through a series of deliberations and recommendations across various sectors, to be presented by participating specialists in government and by development partners,” he stated.