By Egufe Yafugborhi & Chioma Onuegbu

SENATE President, Godswill Akpabio, Thursday, said he came along with his colleagues to Ikot-Ekpene, Akwa Ibom retreat to verify if the All Progressives Congress, APC-led federal government is on course in its election promises to the people and to ensure the Legislature and the Executive arms were not working at cross purposes.

Akpabio was highlighting import of the gathering Thursday at the opening day of the Senate Retreat on Fiscal Policy and Tax Reforms declared open by President Bola Tinubu.

The Senate President told Tinubu and Vice, Sen Kashim Shettima, “Today’s event is a demonstration of our commitment to walk and work with the Executive Arm in the interest of our beloved compatriots. Dust is yet to settle on the presidential election; but the President had long hit the ground running.

“You cut a covenant with Nigerians, stated what he hoped to do for Nigerians to renew our collective hope. Nigerians kept their part of that covenant, electing you. It is up to you to keep your part by doing what Nigerians voted you to do.

“Appreciative that they listened to you and voted for you, supportive of rights of Nigerians to the goodies in that document (promises). We have come to deliberate on that document and to ensure we do not work at cross-purposes with the Executive Arm.

“Because every action of man is based on a cost/benefit consideration, Nigerians weighed the benefits against the cost, and decided to vote our President. Party differences must give way to national interest, and Senators must come together, ensure the expectations and hopes of our people are not betrayed.

“This converge is to improve the knowledge of Senators and build their technical capacity to generate concrete and consistent legislation that would promote peace and sustainable development in tandem with the renewed hope and 8-point agenda of the Tinubu/Shettima Administration.

“This converge aims to deepen participants’ knowledge of public expenditure management, fiscal policy, and tax reforms. The doors of the Senate should be open to all Nigerians, except pessimists.

“The Senate Chambers is a place for optimists who believe no matter the darkness of the clouds which hang over our nation, there are silver linings. The Senate has no place for people who whine or do not believe in the greatness of our country.

“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.

“Our destiny is not in the hands or the fine prints of the World Bank. The bank may mean well, and can be of help to us, but they have not worn our shoes and they do not know where it pinches. It is our walk not theirs, so while they talk the talk, let us walk the walk.

“We wear the shoes and we know where it pinches. Every major national development was based on a road map designed by citizens of the respective countries. The Frenchmen, Montesquieu and Jean-Jacques Rosseau, were the brains behind the French revolution.

“Let us follow the plan before us. Founding fathers of our nation (Dr. Nnamdi Azikiwe, Chief Obafemi Owolowo, 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.

“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 percent economic growth, which experts claim are 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.

“We can go back to our Senatorial Districts and proclaim to them that “Things are getting better. Policies of the Federal Government have sometimes been misunderstood by some of our people, but we understand. They are generally designed for long-term benefits, but today’s pain shall lead to tomorrow’s gain. 

“The stock market is said to have jumped to N1.51 trillion as a consequence of the announcement to unify foreign exchange rates. Tax reforms, experts believe, could yield a N20 trillion tax gap in a nation with a tax-to-GDP ratio of 10.86%.

“There are several other benefits of the renewed hope program and the 8-point agenda of the present administration. These we must know in the course of this retreat.  When we do, gather this knowledge, this will lead to a leap for our country as we would accelerate legislation to renew the hope of our people.”

Tinubu Seeks NASS Cooperation

Declaring the event opened, President Tinubu, represented by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, called for collaboration with the National Assembly in avowed committed to making life easier to Nigerians.

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

“This government is committed to doing all we can to make Nigerian economy grow and achieve rapid, sustained and inclusive growth. I cannot do this alone. There has to be team network and of course legislators. The Senators have key role to play.

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

“I am sure that as I am committed to you, you are also committed to maintaining the fine tradition of having the budget considered, passed and signed into law by December. It will take collaboration, teamwork and understanding of all to make all the lofty projects of this administration to work.”

The Speaker, House of Representatives, Abbas Tajudeen, noted, “The gap between 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 N10Trillion, 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.

“Only few weeks ago, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed Nigeria loses about N20Trillion (about $26 billion) annually to gaps existing within its tax system, including evasion, inefficiencies in collection modes, weak enforcement, and a large informal sector that remains outside the tax net.

“Over the years, the National Assembly has responded proactively to these issues and promoted economic reforms emphasizing ease of doing business.

“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.

“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.”