NIGERIAN ECONOMIC DIVERSIFICATION AND TAX CRIMES BILLS
NIGERIAN ECONOMIC DIVERSIFICATION AND TAX CRIMES BILLS
NIGERIAN ECONOMIC DIVERSIFICATION AND TAX CRIMES BILLS
The long agitation to diversify the Nigerian economy as the solution
to our economic problems may soon become a reality once the Bill
sponsored by Senator Aliyu Sabi Abdullahi (Niger North) Deputy Whip is
passed and the Presidential assent is secured.
The bill seeks to establish the Nigerian Council on Economic
Diversification and it has passed the second reading.
The bill titled: ” Nigerian Economic Diversification Bill, 2022″, in
the true sense is a step in the right direction with the proper
backing and commitment from the right quarters.
Since Oil is the mainstay of the Nigerian economy.
Some negative indices; Crude Oil receivables fell by 41.6 per cent in
the first quarter of 2021 to $6.48 billion from $11.1 billion in the
first quarter of 2020. Despite various attempts and deliberate efforts
made to resuscitate the economy through loans and supposedly game
changing fiscal policies. The Citizens of Nigeria are still wallowing
in deep poverty. Much of what constitutes the government’s
amelioration to the incidence of hardship on the people remains
largely unsolved and further aggravated.
In his lead debate on the Bill to establish the Nigerian Council on
Economic Diversification Senator Aliyu Sabi Abdullahi puts it to us
that ” Diversification helps to mitigate volatility and provides a
more sustainable path for equitable growth and development”. It is
even more crucial now, given the slower Global economy and the
pressing needs in many developing Nations to boost revenue. He
explained further that the bill makes for inter-sector synergies among
the key sectors of the economy, as well as the creation of a Council
to ensure strict implementation of the provisions of the bill when
enacted into law. He proposed that the Board of the Council would be
headed by the President and Ministers of key sectors like Solid
Minerals, Trade and Investment, Agriculture, Health, Finance,
Communication and Digital Economy, Science and Technology, Central
Bank Governor and key stakeholders in the private sector among others,
as members to ensure high level policy decisions are not only taken
but implemented. He also underscored the need for capacity building
and said directorates would be established in the various states where
the activities of a sector are predominant.
Nassnews is on the side of development and the reduction of hardship
on the people whatever it takes as long as it is within the confines
of the law. This Council if it becomes a reality will play a major
role in fixing our economy.
The Bill to establish the National Tax Crimes Commission sponsored by
Senator Orji Uzor Kalu also scaled the second reading. The Bill seeks
to provide the legal framework to ensure that violations of tax laws
are included as Criminal offences, and effective sanctions apply in
practice.
Violations of tax laws are inimical to the development of our economy
hence mechanisms to strengthen it’s obedience and compliance is highly
commended.
Another Bill to provide for the legal framework to establish the
Federal Medical Centre Osogbo, Osun State was sponsored by Senator
Ajibola Basiru (Osun Central).
Health is one of the sine qua non for the development of a society
therefore its advantages and benefits cannot be overemphasized, a
healthy Nation is a wealthy Nation. We give kudos to Senator Basiru.
