The
plan of the federal government to raise a $25 billion Infrastructural Fund from
the global community and establish long term bankable projects is gaining
traction, according to the Vice President, Prof. Yemi Osinbajo, SAN.
Vice President,
Prof. Yemi Osinbajo, SAN.
This
is contained in a statement issued by his senior special adviser media, Laolu
Akande on Tuesday in Abuja.
“We
have seen considerable, favorable interests from some sovereign wealth funds
and other nations,” the VP told a delegation of the Lagos Chamber of Commerce
and Industry that paid him a courtesy call today in his office.
Explaining
the idea of the Fund to the delegation, Prof. Osinbajo said the Nigeria
Sovereign Investment Authority which manages the country’s sovereign wealth
fund is leading the project adding that the Infrastructural Fund would create
opportunity for commercial partners to participate in the building of the
nation’s infrastructures alongside the federal government. This would be done
through the establishment of bankable projects that involves such commercial
partners.
He
disclosed that the China-Exim Bank has agreed to finance the railway projects
linking Lagos to Kano and Lagos to Calabar. According to him, ‘we expect these
will generate some economic activities and create jobs.”
The
Vice President reiterated the federal government’s determination to raise
revenue internally to fund the budget including through an expansion of VAT
coverage but not an increase of the VAT rate. At 20% coverage the VAT coverage
now, the federal government intends to do much better giving a boost to the
country’s tax revenues.
The
delegation of the Lagos Chamber of Commerce and Industry was led by Chief Mrs.
Nike Akande who declared the support of the Chamber for the federal
government’s fight against corruption and acknowledged that in the current
economic situation that the Buhari presidency is having to deal with “there are
no easy choices.”
Mrs.
Akande, a former federal minister for Industry called on the Central Bank of
Nigeria to find a foreign exchange regime that would boost the confidence of
investors and remove uncertainly.
The
Vice President told the delegation that the federal government is focused on
finding solutions to the economic situation including through a focus on
building infrastructure and also diversifying the economy, especially through
agriculture. Besides, the government is also focusing on creating an enabling
environment for business and investments in the country.
Prof.
Osinbajo also received a delegation from the Association of Licensed Telecoms
Operators of Nigeria, ALTON.
He
praised the telecom operators stating that “there is no question at all about
the importance and contribution of the sector especially since the 2001
privatization.” The Vice President noted that the telecom sector is one of the
sectors in the economy that has created a significant impact.
He
reiterated federal government’s resolve to develop critical infrastructure in
the country including in the power sector which was an area of concern
expressed by the operators at the meeting. According to him, the 2016 budget
“has a lot of emphasis on power, infrastructure, and we are hoping to make considerable
progress, with fairly consistent spending on infrastructure over the years,
we’ll fare better.”
Earlier
the Chairman of the association, Mr. Gbenga Adebayo presented an industry
report to the Vice President entitled “The Socio-economic Impact of Telecoms in
Nigeria.”
Adebayo
also expressed the concern of telecom operators regarding ‘multiple taxes’ and
some of their equipments destroyed by insurgents in the Northeast. He noted
that the industry has recorded over 120 million subscribers since 2001.
The
Vice President also encouraged the telecom operators to be diligent in the
payment of taxes and avoid delinquency, while suggesting that judicial or
legislative options be considered in the resolution of what the operators
described as ‘multiple taxation.’
While
observing the important role of the telecom industry and acknowledging its
contributions to the economy, the Vice President urge for the cooperation of
the telecom companies in national security issues.
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