Lagos, July 12, 2023: The Lagos Chamber of Commerce and Industry (LCCI) has commended the efforts of the Federal Government in formulating policies, national plans, and sectoral interventions toward creating an enabling environment for enhanced national prosperity.
Dr Michael Olawale-Cole, President, LCCI, in a statement on Tuesday in Lagos, said the LCCI was committed to supporting initiatives of the President Bola Tinubu administration to spur economic growth and development.
Olawale-Cole lauded the President’s appreciation and recognition of the role of the Organised Private Sector (OPS) in the realisation of the socio-economic objectives of Nigeria.
This, he said, reflected in his actions since his inauguration to stabilise the market and support the private sector.
The LCCI President, however, expressed concerns over the proposed merger of the Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS), and Nigeria Customs Services (NCS) into the Nigerian Revenue Services (NRS).
He urged government to ensure that implementing the proposed merger does not impede the ease of doing business.
He said it was necessary for government to ensure that the fallout of the proposed merger, such as staff rationalisation, realignment of operating structure, accountability, and transparency, would be adequately dealt with.
“We understand government’s arguments on the proposed merger, which borders on improving efficiency in collecting all direct and indirect taxes and levies.
“The LCCI supports government’s desire to curb the rising cost of governance, its readiness to declare a state of emergency on revenue generation, and its resolve to tackle them headlong.
“While we commend government on some of its recent measures to stop wasteful spending, we urge the administration to halt the revenue leakage of more than $ 5 billion paid as freight to foreign ship owners.
“Regarding the merger, we are willing to nudge government to embrace critical stakeholders’ engagement and consultation, which we hope will provide further insights into charter-specific responsibilities and possibilities,” he said.
Olawale-Cole also lauded government on the recently signed executive orders, which, by and large, would curb arbitrary taxation policies.
He said the development demonstrated the listening ear tendency of the President and further highlights the administration’s readiness to strengthen due process and willingness to follow established path.
He stated that the recent appointment of Taiwo Oyedele as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms established to remove barriers impeding business growth in Nigeria was decisive affirmative action.
Olawale-Cole said the pronouncement showed the President recognised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the economy.
He, however, emphasised the importance for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers.
He added that other issues of revenue leakages, such as oil theft, should also be properly addressed.
“These would ensure that government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget.
“These efforts will improve Nigeria’s revenue profile and create a more conducive and internationally competitive business environment.
“The Chamber, under my leadership, is available to work with the Presidency with respect to policy formulation and implementation in the direction of a more robust economy for the nation.
“We look forward to seeing more policy interventions to promote an enabling environment for the private sector to thrive,” he said.
