John Alechenu

ABUJA: The Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has revealed that the committee is proposing a new borrowing frame work for Nigeria to end the cycle of reckless borrowing mortgaging the future of unborn generations.

Oyedele said this during a presentation at the Nigeria Institute of Public Relations (NIPR) 2nd Spokespersons Summit, in Abuja, on Wednesday.

He explained that the tax reforms proposed by his committee were holistic in nature, noting that it was designed to ensure that governments, individuals, and corporate entities play their roles in building the Nigeria of our collective dreams.

Oyedele said, “If you borrow and spend the money on road construction, building schools and hospitals, that’s what it should be used for.

“That’s why in the work of our committee, we are working on a framework for borrowing for Nigeria. Not only at the federal level but also at the sub-national.

“When we have that framework in place, it will guide us as a country. When you borrow, you are borrowing from the future so, you must also invest in the future.

“Singapore has one of the highest debt profiles in the world, but do you know what? Anytime Singapore borrows $US1 (One dollar), it will generate well more than one dollar.

“They have one of the highest Sovereign Wealth Funds in the World. So, they are borrowing for tomorrow and investing in tomorrow and that’s okay.”

The Chairman further explained that the unnecessary controversy surrounding some aspects of the Tax Reform Bills currently before the National Assembly, were being addressed by all stakeholders through constructive engagements.

In response to concerns raised by women and other vulnerable groups about the proposed tax regime, Oyedele explained that the committee was fully aware and had taken into cognizance Nigeria’s current realities as it affects citizens at all levels.

He admitted that the current system appears skewed against women. This, he said didn’t happen overnight but over time.

According to him, apart from conventional tax, women and other vulnerable groups -especially owners of small businesses, were subjected to all forms of extortions from state and non-state actors under the guise of taxation.

Oyedele further said, “Without mentioning women specifically, this tax reforms prioritizes the interest of the vulnerable especially women. We have exemptions for people with disabilities among others.”

In his remarks at the occasion, the NIPR President, Chairman of Council, Dr. Ike Neliaku, warned cooperate organizations against engaging the services of quacks and unregistered individuals under any guise to practice public relations.

He maintained the NIPR Establishment Act prescribes punishments which includes a fine, jail term or both for individuals and cooperate entities found to be engaged in such illegal practices.