Emmanuel OchayiTaiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said Nigeria has a great potential to amass an annual revenue of N10 trillion by efficiently managing its non-oil assets.
Oyedele, who spoke at the Harvard Business School Association of Nigeria forum in Lagos emphasized the enormous possibilities hidden within the country’s underutilized non-oil resources, estimated between N80 trillion to N100 trillion.
“Imagine becoming more efficient with a N100 trillion asset alone; even a 10 percent yearly return easily translates to N10 trillion. If mismanagement persists, the option to sell these assets for liquidity becomes essential,” he asserted.
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Highlighting the issue of asset mismanagement, Oyedele decried the lack of attention given to these assets, citing instances where assets worth trillions were being held under questionable corporate entities within the country.
“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets, and the shareholders are still in this same Nigeria,” Oyedele revealed, indicating the alarming scenario of improper asset handling.
Moreover, unveiling imminent tax reforms, Oyedele stressed a need to ease the tax burden on businesses, recognizing the challenges faced by enterprises, particularly regarding working capital.
“We have drafted a new tax regulation. The only reason why it hasn’t been published is that some of the things we included will amend the existing laws, so we put the amendment in the emergency bill waiting for the lawmakers to pass, so we can then issue the regulation,” he explained, outlining the proactive steps taken to foster a balanced economic environment.
Oyedele’s resounding call for efficient asset management and comprehensive tax reforms signals a potential economic transformation for Nigeria, positioning its vast non-oil assets as a catalyst for sustained growth and prosperity.
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