By Chibisi Ohakah
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has called for multi-stakeholder collaboration in promoting investment in all critical sectors of the Nigerian economy.
Chairman of RMAFC, Elias Mbam who made the call said this will fast track the attainment of national development objectives such as Vision 20-2020 and the Transformation Agenda of President Goodluck Jonathan the present administration.
Speaking during an interactive session with a delegation from the Nigeria Investment Promotion Council (NIPC) in his Office in Abuja, the RMAFC boss observed that at the moment, Nigeria remains an investor’s haven with numerous opportunities in oil and gas, manufacturing, agriculture, telecommunications, chemicals, transportation and power sectors waiting to be tapped.
He said it was necessary for concerted efforts to be made by all relevant stakeholders so as to attract foreign direct investment through the provision of critical infrastructure, legal and regulatory frameworks and tax incentives.
Mbam said the Commission had also met with the Customs Service, Federal Inland Revenue Service, NNPC and its subsidiaries and the Central Bank of Nigeria to strategize on how to reduce revenue loss through indiscriminate granting of waivers and tax holidays.
He advised NIPC to exercise caution and observe due diligence in the granting of Pioneer Status Initiative with a view to minimizing abuse and reducing consequent revenue loss.
The NIPC executive secretary Mrs. Saratu Altine Umar who led the delegation said inception NIPC has granted Pioneer Status Incentive (PSI) to 410 companies comprising: 175 manufacturing companies, representing 42.68%; 42 agriculture/agro – allied companies, representing 10.42%; 40 oil & gas companies, representing 9.76%; 35 ICT/Telecommunications companies, representing 8.53%; 8 chemicals companies, representing 1.92%; and 4 transportation companies, representing 0.98%.
She explained that PSI is a fiscal concession backed by law, to encourage and promote certain targeted industries, activities, products and services, identified as “Priority Areas” and “Growth drivers” of the economy.