The President of the Senate , Ahmad Lawan has disclosed that the Red Chamber will review the processes of granting corporate tax holidays, import duty waivers and concession to investors and businesses in the Federal Government in Nigeria.
The Senate President gave this hint on Thursday at the ceremony to mark his 64 birthday anniversary in Abuja.
According to Lawan, the move has become imperative due to leakages and loopholes in tax collection and remittances to the government amid revenue shortfalls and high debt profile in the country.
He stressed that most of the waivers and concessions need to be reviewed to generate more money into government coffers and minimisze borrowing.
According to him, ” the government cannot continue to go borrowing because it is not sustainable. We have to look inward and generate more money to execute landmark projects and fund infrastructures “
Lawan also frowned at the recent report by the National Bureau of Satistics (NBS ) which says there are more poverty ravage Nigerians in the North East and North West saying that the people in the zones need not to be poor if government can invest in livestock business.
“Some critics always quick at kicking against the idea of livestock development , some of them said it’s private business. They shouldn’t be supported.
“There is nothing more private than someone setting up a Bank, kill the Bank and then the obnoxious loans will now be taking over by AMCON.
AMCON today has about six trillion naira of toxic loans on our head.
” the livestock industry in Nigeria especially between Borno, Sokoto and of course Yobe is an economy that is worth 33 trillion Naira.
“Incidentally, the most poor states are in this zone. Where you have a potential of 33 trillion Naira economy, we have no reason to be poor” Lawan said.
Lawam who is marking his last birthday in his capacity as the President of the Senate disclosed that the ninth Senate has implemented all items in the legislative agenda promised at the beginning of the administration in 2019.
He however noted that there are more challenges like insecurity, lack of sufficient revenue to execute some projects.
Though he said the ninth National Assembly would continue to work hard and be patriotic while urging the incoming government to take it up from there in the interest of national development.
The birthday anniversary was witnessed by the Senate Leader, Senator Ibrahim Gobir, Senate Chief Whip, Senator Orji Uzor Kalu and other dignitaries.
