The Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, Ph.D, GCON, has said the parliament will support economic reforms by the administration of President Bola Ahmed Tinubu, GCFR, which are aimed at jacking up revenue.
Speaker Abbas, while hosting the leadership of the Lagos Chamber of Commerce and Industry (LCCI) on a courtesy call at his office on Tuesday, noted that the 10th House is pro-business, a reason why the legislature made sure that business in the private sector is part of its Legislative Agenda.
The Speaker noted that the policy document proposes how the private sector could become the major engine of development in the country.
He explained that the Legislative Agenda includes, but not limited to, enhancing ease of doing business in Nigeria through legislative reforms; supporting infrastructural development and economic diversification; promoting innovation, technology, and industrialisation; strengthening institutions that facilitate private sector engagements.
Speaker Abbas said the House is a worthy partner with the LCCI to ensure that “all these noble objectives are achieved.”
He said: “…the House is a pro-business legislature, and that is why we are at the center of supporting Mr. President on the tax reforms.”
The Speaker noted that, “Our revenue base is one of the weakest in Africa and in the world. And it is so because the private sector has not been enabled well.”
Speaker Abbas added: “The private sector would have been the engine room that will drive more revenue for this country, and that is the reason the tax reforms of Mr. President are exceptional at this crucial time. We will support it because it is pro-business.
“Tax reforms will eliminate duplication in taxes, unnecessary bureaucracy in business such that both the local and the international businesses will be able to do better. That is what we will not compromise, and that is the only way forward for our country to grow.
“We will pursue all legislative intervention that is needed in ensuring that the private sector thrives.”
The Speaker, who described the visit by the LCCI as “historic”, commended the chamber for its role in advancing the economy as one of the major leading voices in the private sector.
Recognising the LCCI’s consistent advocacy for a conducive business environment in Nigeria, the Speaker commended the chamber for protecting the interests of both local and foreign businesses. “Truly, that is the way forward; that is what we expect of an association of your size… to look at the global picture, not protectionism,” he said.
Speaker Abbas announced that the House would be engaging the LCCI annually on economic issues that may require legislative interventions.
Earlier, President of the LCCI, Mr. Gabriel Idahosa, FCA, expressed LCCI’s commitment to collaborating with the House on how to strengthen Nigeria’s economy.
Idahosa noted that the LCCI, which was founded in 1888 and has over 4000 members, with the membership size contributing about 60 per cent to the aggregate production in the economy.
While seeking legislative support from the House, the LCCI president listed various actions required on ease of doing business.
Signed:
Musa Abdullahi Krishi
Special Adviser on Media and Publicity to the Speaker, House of Representatives, Federal Republic of Nigeria.
