Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has explained how Nigeria can generate N10 trillion annually through efficient management of its non-oil assets.
Oyedele said this at a stakeholders’ forum organised by the Harvard Business School Association of Nigeria in Lagos.
According to Oyedele, the country’s non-oil assets, estimated to be worth between N80tn and N100tn, have not received adequate attention and are being mismanaged.
He said, “We found out that other than oil when you are talking about assets. Some estimates, although still working on it, show something in the region of N80trn to N100trn scattered all over the place. We haven’t shown any care at all as a country about those assets such that they have been mismanaged.”
“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets and the shareholders are still in this same Nigeria,” the chairman said.
Oyedele emphasized the need for improved asset management and the potential benefits of selling underperforming assets to generate liquidity and stimulate economic growth.
He disclosed that the Committee will unveil comprehensive tax reforms aimed at bolstering economic growth and easing the burden on businesses.
