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LCCI supports FG’s plan to make more Nigerians pay tax

By on February 4, 2016

Lagos Chambers of Commerce and Industry (LCCI) has expressed support for the plans by the federal government to widen the tax net.

President of LCCI, Chief Nike Akande, who spoke with journalists after meeting with the Vice-President, Professor Yemi Osinbajo, said one of the ways to address the shortfall created by the fall in price of crude oil was to make many more people to pay tax.

She said: “Also, we can make a lot of revenue from taxation. Some states have done it and it can be done at the federal level.

“It is not just about increasing the Value Added Tax (VAT). We are not asking for that but generally, most people don’t pay tax. Let people pay tax and we can get revenue from there.”

She said the LCCI was aware and conscious of the sharp decline in the oil price.
To reduce the adverse of this, she recommended that the economy be diversified.

She said: “We should look at agriculture, industrialisation and solid minerals.
“These are areas that have not been fully exploited. We discussed this with the vice-president. He even mentioned the issue of rice.

“Instead of importing rice from Taiwan, rice can be produced in the country and a lot of investment can be made from this.”

She said members of the chamber came to Abuja to meet with the vice president ‎to discuss with him some areas of the economy and the promotion of the private sector.

She said: “The private sector should be the engine of growth, while the government should provide the enabling environment.

“The vice-president was very receptive to all the points that we mentioned and there is hope that the nation’s economy will improve and we are going to be partners in progress.

“The LCCI is the number one chamber in the country. We are over 127 years old and we are always the first to react on areas of economy as it affects not only the private sector but also the public sector.”

She said she used to manage the textile industry many years ago before she became the Minister of Industry.

According to her, industrialisation is the key to economic development, employment generation and poverty alleviation.

She said: “What I noticed when I was managing the industry , I tried to see how we can help the textile industry in those days. It is not easy.

“The private sector needs encouragement in terms of infrastructure, that is what is being addressed today.

“The issue of power is being addressed fully and it will soon be completed. We are sure that once we have power, half of the problem is solved.