President of the Senate, Dr. Abubakar Bukola Saraki, has informed that plans are underway in the 8th Senate to streamline Nigeria’s multiple taxation system to improve the ease of doing business in the country.
Speaking during a dialogue at the 22nd edition of the Nigerian Economic Summit in Abuja yesterday, Saraki said Nigeria’s corporate taxation system needed to be reformed and revamped to get the country out of economic recession.
“With 37 million small and medium scale enterprises providing about 95% of our jobs, as we promote ‘Made in Nigeria’, we must also use our legislative powers to amend the taxation law.
According to the Senate President, for Nigeria to easily get out of the current recession, there must be a deliberate effort by the federal government to provide a business-friendly environment.
Speaking on the ‘Made in Nigeria’ theme of the summit, he lauded the organizers for keying into the Senate’s plan to empower home-grown businesses and ensure that Nigerian brands are strong enough to be patronized by our people and exported abroad.
“To promote the patronage of our domestic businesses, the Senate has gone as far as amending the Public Procurement Act to compel government ministries, departments and agencies to key into this initiative,” he said
He expressed the hope that Nigerian businesses will benefit from the over N2 trillion in government expenditure in the 2016 budget, “so that we can reduce the demand on foreign exchange while simultaneously creating employment, moving towards self sufficiency, increasing our GDP and boosting our Internally Generated Revenue (IGR),” he said
Saraki further informed that the Senate plans to pass before the end of 2016 what he called ‘anti-recession Bills.’ They include the Petroleum Industry Bill; the National Development Bank of Nigeria (Establishment) Bill; the Nigerian Ports and Habours Authority Act (Amendment) Bill; the National Road Fund (Establishment) Bill; the National Transport Commission Act of 2001; the Warehouse Receipts Act (Amendment) Bill; the Companies and Allied Matters Act (CAMA); the Investment and Securities Act (ISA); the Customs and Excise Management Act; the Federal Competition Bill; and the National Road Authority Bill.