The Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, Ph.D., GCON, has called for reforms in the economy, especially with the bottlenecks in the import and export chain in the maritime sector.
While addressing a delegation of the Presidential Enabling Business Environment Council (PEBEC) at his office on Wednesday, the Speaker decried that Nigeria is losing huge revenue to the neighbouring West-African countries due to administrative issues at the borders.
Speaker Abbas assured PEBEC that the House will attend to the reforms sought by the council, especially regarding the Financial Reporting Council of Nigeria (FRCN) Act enforcement and the fate of investors at the Free Trade Zones under the Tax Reform Bills.
The Speaker said: “I feel really sad that we in Nigeria, in some areas, are doing things differently. Even from our neighbours here in West Africa, I hear complaints about customs bureaucracy, clearance… I hear about the shipping industry, ports regulatory authorities… all these are taking so long to provide… and the costs of even bringing in products to Nigeria – in some instances doubling what they collect (as duty) in our neighbouring countries.
“I think those are serious and major areas that your agency (PEBEC) needs to actually pay attention to. There is so much you can do by looking at our regulatory bodies, particularly those that are responsible for international businesses and trade, and see what you can do to make the Nigerian environment more competitive.”
Photo: Speaker’s Office.
Speaker Abbas raised the alarm of reports that countries are avoiding shipment to Nigeria, noting that some reports say over 75 percent of imported goods offloaded in Benin Republic are actually meant for Nigerian destinations.
The Speaker also recalled his recent visit to Morocco, where officials of the North African country criticised the bureaucracy and delay in the import and export chain between Nigeria and Morocco.
While stating that addressing the issues in the shipping system will be a win-win for the Nigerian Government and foreign investors, Speaker Abbas said the House would look at the issues raised by PEBEC and “we will take action immediately.”
Photo: Speaker’s Office.
The Speaker noted that the presentation by PEBEC was timely as the Senate and the House just constituted a Conference Committee on the Tax Reform Bills to harmonise the versions passed by the two chambers. He said the House would invite the council and chairman of the committee to review the proposals.
Speaker Abbas stated that the reviews would be done to enable Nigeria to respect the previous agreements signed with foreign investors in the Free Trade Zones.
He said: “You (PEBEC) have come to the right place. This is the House where we have been reforming the way we do things from Day 1. That is why our Legislative Agenda is the best working document ever crafted in the history of the parliament.”
While noting that every ministry, department and agency (MDA) has an issue that begs for attention, especially of the parliament, Speaker Abbas thanked PEBEC for finding the House worthy to present its challenges in solving problems.
He disclosed that he receives complaints “every day from the private sector, foreign investors complaining of bottlenecks” in every facet of the nation’s economic life.
The Speaker commended PEBEC for monitoring the MDAs towards creating an enabling environment for businesses in the country. He noted that the business environment is challenging while the areas of concern are many as “every sector and every agency has issues that beg for attention.”
He said: “I want to assure you on behalf of all the members that we are ready and willing to do everything humanly possible to support you so that you can succeed,” he said.
Speaker Abbas said he was excited by the youths dominating PEBEC, with most members of the delegation being under 40.
Earlier, the Director-General of PEBEC, Princess Zara Mustapha Audu, said the visit to the Speaker was on behalf of the Vice-President, Senator Kashim Shettima, GCON, who is the chairman of PEBEC.
She noted that PEBEC supervises 69 MDAs with mandates relating to the economy.
While she presented a letter from the Office of the Vice-President to Speaker Abbas, Audu sought legislative intervention of the House regarding the Financial Reporting Council of Nigeria (FRCN), saying there have been pushbacks in the economic environment over implementation of the new FRCN Act.
She particularly noted a stand-off between the FRCN and operators in the private sector.
Signed:
Musa Abdullahi Krishi
Special Adviser on Media and Publicity to the Speaker, House of Representatives, Federal Republic of Nigeria.
