Though the Nigerian economy is challenged, it is believed that the country can generate at least ₦10 trillion annually from non-oil assets.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, made the assertion. He believes that is achievable if Nigeria manages its non-oil assets efficiently.
Oyedele made the statement in Lagos at a stakeholders’ forum organised by the Harvard Business School Association of Nigeria.
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He emphasised that the country’s non-oil assets, worth between ₦80 trillion and ₦100 trillion, had not received adequate attention and were being mismanaged.
He said: “We found out that other than oil when you are talking about assets.
“Some estimates show something in the region of ₦80 to ₦100 trillion 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 need to improve asset management and the potential benefits of selling underperforming assets”.
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According to him, this could stimulate the economy.
He said: “Imagine that you become more efficient with a ₦100-trillion asset alone, even if you get a return of 10% yearly that’s easy ₦10 trillion.
“If you cannot manage the asset well, then sell it, and get liquidity in”.
Furthermore, he said that the Committee would unveil comprehensive tax reforms aimed at bolstering economic growth and easing the burden on businesses.
According to Oyedele, central to the reform agenda is the recognition of the challenges faced by businesses, particularly the pressure of taxes on working capital.
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Also, he emphasised that businesses not liable to tax would be spared.
Oyedele also aligned with the broader goal of fostering a balanced and conducive environment for economic growth.
Meanwhile, he revealed that a new tax regulation has been drafted and will be published soon.
