Tax Reform Will Compound Fortunes of North East States – Bauchí Governor

NIDCOM, Stage To Stage Organize 2 Day Sensitization Programme To Promote Diaspora Investments In North East

From Paul Orude Bauchi

Governor Bala Mohammed of Bauchi State has warned that the six states in the North East stand the risk of collapsing under the proposed tax Reforms of the current administration of President Bola Tinubu 

Mohammed sounded the alarm during a speech at a two-day sensitization and advocacy programme organized by the Nigeria in Diaspora Commission (NIDCOM) in collaboration with Stage to Stage Project to promote diaspora Investment potentials in the North East sub region of the country.

Speaking at the event held at Command Guest Inn, Bauchi, on Monday, the governor, who was represented by Amina Muhammad Katagum, Commissioner For budget and Economic Planning, lamented that prolonged insecurity occasioned by Boko Haram insurgency has done irreparable damages to the North East sub region .

“Despite its abundant human and material resources, the North East as a region in Nigeria, is characterized by dependence on statutory Allocations from the Federation Account (FAAC) and Statutory share of Value Added Tax (VAT),” he observed 

“A decade and half activities of Boko Haram had weakened the fabric of farming which is the regions single most important source of livelihood.

“These and many other variables have resulted to the region’s slow response rate to poverty reduction interventions

“Clear evidences have therefore continued to point that, if the North East does not prioritize revenue generation through appropriate exploitation of our potentials, the future of the economy of the region is not likely to be bright. 

“This is most especially as we approach a new tax regime in the Nigerian Tax system which seems to favor States with higher GDPs”

Governor Mohammed said the  timing of the workshop was apt and commendable. 

“I therefore congratulate the North Eastern states for this opportunity and I urge you all to leverage on this golden opportunity to understand and utilize the two days of the workshop in knowing what clearly matters (i.e. the how, the when, the where and the what) in attracting diaspora investments to our individual states,” he advised 

He directed the Diaspora Focal Point Officer (DFPO) of the State to establish strong partnership with NIDCOM with a view to leveraging on the willingness to support states to tap from the huge Diaspora Investment potentials which have remained yet untapped.

In a welcome address, the Bauchi State Diaspora Focal Point Officer, Dr. Esther Ahmed, believed the programme would explore the vast opportunities for diaspora investment in the North East region.

“The Nigerian diaspora community plays a vital role in the development of our nation, with remittances estimated to be around $20-25 billion annually,”she stated.

“We believe that there is still much untapped potential for diaspora investment in the North East region, particularly in areas such as agriculture, infrastructure, and education.

“This workshop is designed to provide a platform for diaspora investors to learn about the investment opportunities available in the North East region, and to connect with local stakeholders and policymakers..

“NIDCOM and its partners have assembled a team of experts who will share their insights and experiences on diaspora investment”

In her remark the Chief Executive Officer of NIDCOM, Hon Dr Abike Dabiri Erewa, explained that the development of Nigeria requires citizens both at home and those in diaspora to realize.

Erewa, who was represented by the NIDCOM secretary, Dr Sule Yakubu Basisi, explained that the sensitization for the north east was critical because the sub region is the cradle of material, mineral , agricultural  resources and several other resources that could be harnessed for the development of the country 

In his remarks, the Managing Director of Stage by Stage project Limited, Prince Jacob Momoh,  who was represented by Lawrence Akaniro, assured that his oganization is dedicated to providing a platform for Nigerians in the diaspora to connect with opportunities in Nigeria.

“We urge you to take advantage of the opportunities that exist in Nigeria especially in North East and to invest in our nation’s future” he said 

We are committed to creating an environment that is conducive to your investment and to supporting you every step of the way.

To our government officials and policymakers, I say that we must work together to create policies and regulations that support diaspora investment. 

“We must streamline our processes, reduce bureaucracy, and provide incentives that attract investment to Nigeria”