The Arewa Financial Discussion board (AEF), a number one socio-economic group in Northern Nigeria, has advocated for the alternative of the Worth-Added Tax (VAT) system with a Gross sales Tax. This shift, in line with the discussion board, would simplify tax processes, ease the monetary burden on companies and people, and foster financial development throughout the area.

At a latest press convention in Abuja, AEF Chairman Ibrahim Shehu Dandakata highlighted the present VAT construction’s limitations, proposing a streamlined Gross sales Tax collected on the level of sale. He argued that such a change would broaden the tax base by bringing extra companies into the tax fold, thus enhancing income assortment and guaranteeing a fairer distribution of funds throughout areas based mostly on financial contributions.

Along with tax reform, Dandakata expressed dismay over the stalled Kolmani Oilfield challenge in Bauchi State. The abandonment of this challenge, he stated, represents a missed alternative for income era, financial growth, and job creation in northern Nigeria. Dandakata underscored the discussion board’s ongoing dialogue with the Federal Authorities, advocating for the institution of considered one of 4 proposed 100,000-barrel-per-day refineries within the Kolmani area by South Korean traders. This growth, he famous, wouldn’t solely decrease refining and transportation prices but in addition assist meet the vitality wants of northern Nigeria, thereby lowering regional vitality disparities.

Dandakata revealed that the Kolmani Built-in Growth Challenge has already attracted substantial overseas direct funding (FDI), amounting to an estimated $3 billion. The challenge envisions a complete industrial ecosystem, together with a 120,000-barrel-per-day refinery, a gasoline processing plant, a 300-megawatt energy facility, and a fertilizer manufacturing plant. This infrastructure, he emphasised, might remodel the financial panorama of northern Nigeria, creating hundreds of jobs and driving industrial development.

On safety, Dandakata counseled latest authorities efforts to deal with banditry within the area. Nonetheless, he referred to as for elevated motion in opposition to terrorism and arranged crime, which proceed to hinder regional growth by inflicting infrastructure injury and forcing communities to desert farmland. He highlighted the very important function of stability and safety in enabling northern Nigeria to unlock its agricultural, business, and mining potential, essential for the nation’s broader financial well-being.

Dandakata additionally urged all ranges of presidency to implement insurance policies that may improve meals affordability and deal with meals inflation, particularly given the direct hyperlink between insecurity and meals costs. In accordance with him, stabilizing agricultural manufacturing will alleviate meals shortage and enhance residing requirements throughout the area.

In a broader plea, the AEF Chairman warned in opposition to actions by state actors and people that undermine democratic rules, particularly the manipulation of judicial processes. He pressured that such actions pose a danger to democratic values and the nation’s stability, emphasizing that preserving democratic norms is crucial to fostering a affluent and resilient Nigeria.

Dandakata concluded by reaffirming the Arewa Financial Discussion board’s dedication to advocating for insurance policies that uplift the Arewa group and drive sustainable socio-economic progress throughout Nigeria.