{"id":111463,"date":"2024-05-01T04:33:35","date_gmt":"2024-05-01T08:33:35","guid":{"rendered":"https:\/\/africatodaynewsnewyork.com\/?p=111463"},"modified":"2024-05-01T04:33:35","modified_gmt":"2024-05-01T08:33:35","slug":"my-administration-is-focused-on-pursuing-reforms-tinubu","status":"publish","type":"post","link":"https:\/\/africatodaynewsnewyork.com\/2024\/05\/01\/my-administration-is-focused-on-pursuing-reforms-tinubu\/","title":{"rendered":"My Administration Is Focused On Pursuing Reforms \u2013Tinubu"},"content":{"rendered":"<p class=\"p3\"><strong><span class=\"s2\">The President<\/span><span class=\"s1\"> of Nigeria, <a href=\"https:\/\/africadailynews.net\/2023\/09\/07\/the-delusions-of-obidients-and-tinubus-strategic-control.html\">Bola Tinubu<\/a> has asserted that his administration was implementing significant reforms that would reposition the country for the overall benefit of citizens.<\/span><\/strong><\/p>\n<p class=\"p4\"><span class=\"s1\">He made this assertion while speaking at the opening of an economic retreat for members of the House of Representatives, yesterday, in Abuja with the theme, <strong>\u2018Navigating Change: Legislative Strategies for Economic Transformatio<\/strong>n.\u2019 <\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">He stated that while the reforms were necessary, some of them were overdue.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">The President, who was represented by his Chief of Staff, Femi Gbajabiamila, noted that though the oil and gas industry had been the mainstay of the country\u2019s economy for a long time, the government was working assiduously to diversify the economy. However, the President noted that his administration was determined to maximise the revenue potentials in the industry.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">According to him,<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>\u201cFor this reason, we are pushing policies to attract investment in the oil and gas sector. Recently, I signed an executive order to unlock about $10 billion in fresh investments in the sector. This will happen through Fiscal Incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil &amp; Gas Developments.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cJust last week, the Federal Government of Nigeria signed the Consolidated Guidelines for implementing Fiscal Incentives for the Oil &amp; Gas sector.\u201d<\/span><\/p>\n<blockquote><p><em><strong>Read Also: <\/strong><a href=\"https:\/\/africatodaynewsnewyork.com\/2024\/05\/01\/tinubu-approves-35-pay-rise-for-civil-servants-pensioners\/\">Tinubu Approves 35% Pay Rise for Civil Servants, Pensioners<\/a><\/em><\/p><\/blockquote>\n<p class=\"p4\"><span class=\"s1\">The guidelines, which represent a cornerstone of the presidential directive, aim to enhance the Nigerian oil and gas sector\u2019s global competitiveness, while stimulating economic growth.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cThe Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to six months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects.\u201d<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Tinubu added that the government had also embarked on tax reforms \u201cto limit the taxes collected without negatively affecting the government\u2019s revenues. All of these have the same objective, which is to reduce government interference with the commercial imperatives of businesses in the country, so that businesses based here can be competitive and focused on their core objectives of economic growth through innovation and trade.\u201d<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">The President, while commending the National Assembly for its support to his administration, said the executive arm of government needs the support of the parliament to fully implement its reforms.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Earlier, the speaker of the House of Representatives, Tajudeen Abbas, said the 10th House was ready to support the economic policies and programmes of the Tinubu administration.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Abbas stated that the country\u2019s collection of Value Added Tax was the lowest among its African peers, indicating significant inefficiencies in its tax system.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">He stated that the parliament would engage with stakeholders on laws governing finance, tax, and oil sub-sectors of the economy, with the aim of<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>reforming the tax system.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">According to him, \u201cas a critical arm of the government, the legislature has a crucial role in shaping our nation\u2019s economic transformation and development. Part of our law-making powers is the authority to enact tax reforms and strengthen resource governance mechanisms.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cBy designing and implementing progressive tax policies, we strive to ensure a fair and efficient tax system that boosts revenue, while fostering economic growth and equity. This involves not only broadening the tax base and simplifying tax codes but also enhancing compliance and minimising loopholes that benefit only the wealthy.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">\u201cFurthermore, the legislature\u2019s oversight function is central in the governance of natural and financial resources. It ensures transparency and accountability in the exploitation and management of resources, which is essential for sustainable development. By holding the government and private sectors accountable, the legislature helps to prevent the mismanagement and corruption that can often undermine economic progress.\u201d<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">The speaker noted that the retreat was aimed at fostering stakeholders\u2019 engagement, ensuring constructive dialogue and insights on legislative strategies that would contribute to the economic transformation of our country.<\/span><\/p>\n<p><a href=\"https:\/\/africatodaynewsnewyork.com\/\"><strong>Africa Today News, New York<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The President of Nigeria, Bola Tinubu has asserted that his administration was implementing significant reforms that would reposition the country for the overall benefit of citizens. He made this assertion while speaking at the opening of an economic retreat for members of the House of Representatives, yesterday, in Abuja with the theme, \u2018Navigating Change: Legislative [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":111491,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[3],"tags":[14357,17456],"class_list":["post-111463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-apc","tag-bola-tinubu","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My Administration Is Focused On Pursuing Reforms \u2013Tinubu<\/title>\n<meta name=\"description\" content=\"The President of Nigeria, Bola Tinubu has asserted that his administration was implementing significant reforms that would 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