Akpabio Asks Lawmakers To Back Tinubu’s Plan For Nigerians

Godswill Akpabio, President of the 10th Senate, has challenged senators to embrace President Bola Tinubu’s plan for Nigerians.

According to Akpabio, Nigeria has never had such bold plans since the country’s founding fathers.

According to Anaedoonline.ng, Akpabio made this request on Thursday while addressing at the National Institute of Legislative and Democratic Studies’ Senate retreat on Fiscal Policy and Tax Reforms.

The event was hosted at the Four Point by Sheraton Hotel in Akwa Ibom State’s Ikot Ekpene Local Government Area.

REVEALED: Details Of Akpabio’s Meeting With President Tinubu Emerge

He said, “Today, more than ever before we must come together in optimism to toe the road map of Mr. President and where we consider that changes may be appropriate, work with the executive to perfect the document.

“Let us follow the plan before us. The founding fathers of our nation – Dr Nnamdi Azikiwe, Chief Obafemi Awolowo, Sir Ahmadu Bello, etc., had and followed a plan of development, and Nigeria, in their days, occupied a place of pride in the comity of nations.

“Since then, we have not had the kind of elaborate plan put forward by Mr President which targets growth in critical sectors of our economy and seeks to remove wastages in our economic cycle.

“Let us provide the launching pad for this audacious plan and acquit ourselves as patriots and worthy representatives of our people.

“Every plan, no matter how lofty and noble, needs to be financed. That is why we need to be taught public expenditure management, fiscal policy and tax reforms.

“Fortunately, the renewed hope plan is strong on the economic side. It proposes a ten per cent economic growth, which experts claim is achievable.

“It singles out the digital economy as a quick win for foreign exchange and job creation. We should note that Nigeria is the seventh largest internet-using country in the world with an estimated number of 104.4 million users.”

While declaring the event open, President Tinubu stated that it was unacceptable that 65 percent of Nigerians, or 84 million people, were multidimensionally poor.

The president, who was represented by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated that he was dedicated to increasing Nigeria’s economy’s growth rate beyond the current 3%.

He said, “My ambition, commitment and objective is to make life better for all Nigerians. It is unacceptable that we are quoted as having 65 per cent of the population, 84 million people are found as multi-dimensionally poor.

Akpabio Is Not Involved In My Removal, Says Sacked APC Senator Abbo

“The antidote to this is that this government is committed to doing all we can to make the Nigerian economy grow and achieve rapid, sustained and inclusive growth.

“I cannot do this alone. There has to be a team network and of course legislators. The Senators have a key role to play.

“At this time when we are considering the medium-term economic framework and fiscal sustainability programme, it is topical and timely that we should be having this retreat.”

Senator Barau Jibrin, the deputy Senate President, stated that fiscal policy and tax changes that ensure the nation’s survival should be important to Nigeria’s policies and governance as long as it does not contribute to the residents’ economic troubles.

Jibrin said, “Our job at this retreat is to contribute to the discourse on the needed Fiscal Policy and Tax Reforms, towards the realisation of the 8-point agenda of the executive arm of government.

Amid Defection Speculations, Wike Absent From PDP Retreat

“We are to identify the policies, reforms and other economic plans in tandem with the thinking of the executive arm of government.”

Speaking at the event, Hon. Abbas Tajudeen, Speaker of the House of Representatives, stated that the high revenue spent on debt servicing constrains fiscal space for other developmental needs, and that the multiplicity and duplication of taxes have a negative impact on the nation’s efficient tax system.

Tajudeen added that the House of Representatives is dedicated to working with the Senate to address the nation’s fiscal difficulties through the implementation of proper legal frameworks and policies.

He said, “The gap between the Federal Government’s revenue and expenses has grown four times larger between 2015 and 2021. In 2023, for instance, the expected budget deficit is over N10 trillion, which is mainly being funded through borrowing.

“Although our debt-to-GDP ratio remains relatively low compared to many countries, the proportion of revenue spent on debt servicing is high, which can constrain the fiscal space for other developmental needs.

“We in the 10th House of Representatives intend to work with the executive and stakeholders to improve the coherence of our tax system, both in terms of administration and operation. Accordingly, the fourth legislative priority in our legislative agenda is economic restructuring.

Bola Tinubu Inaugurates Presidential Committee On Tax Reforms

“We will use legislative measures to provide incentives on tax breaks to encourage innovations and for industries that have the potential for job creation and export growth.”

The Governor of Akwa Ibom State, Umo Eno, who was represented by his deputy, Senator Akon Eyakenyi, said the retreat demonstrates the 10th Senate’s commitment to drafting laws for Nigerians’ economic growth and well-being.

Prof. Abubakar Sulaiman, Director-General of the National Institute for Legislative and Democratic Studies, stated in his welcome remarks that NILDS, as an institutional member of the committee on Fiscal Policy and Tax Reforms, demonstrates the importance of the National Assembly to Tinubu’s administration’s socioeconomic agenda.

Sulaiman stated that the retreat’s focus on Fiscal Policy and Tax Reforms indicates the National Assembly’s commitment to fiscal and sectoral reforms.

2023 Presidency: This Is What APC’s Plan For Jonathan – Adeyanju

He said, “In a broader perspective, permit me to note at this juncture that this retreat should be viewed as part of the ways and means of enhancing the knowledge and strengthening the technical capacity of senators in the discharge of your responsibilities generally, support the deepening of your knowledge and skills on public financial management and identifying how the Senate can support the committee on the Fiscal Policy and Tax Reforms.”

Follow us on Facebook