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President Tinubu Highlights Efforts to Reduce Nigeria’s Dependency on Fossil Fuels

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President Bola Ahmed Tinubu has assured of concerted efforts to diversify Nigeria’s economy, thereby reducing its dependency on fossil fuels.

The President made this known at a two-day Retreat for Members of the Green Chamber in Abuja.

He emphasized on the significance of the gas industry, which has been a cornerstone of the nation’s economy for decades.

The President who was represented by his Chief of Staff, Hon. Femi Gbajabiamila said, the administration is also determined to maximize revenue potential from this critical industry adding that, they are pushing policies to attract investment in the oil and gas sector.

Chief of Staff to the President, Hon. Femi Gbajabiamila
Chief of Staff to the President, Hon. Femi Gbajabiamila

He said, recently, his administration signed an executive order to unlock about $10 billion in fresh investments in the sector adding that this will happen  through fiscal incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil & Gas Developments.

In his remarks, the Speaker House of Representatives, Hon. Tajudeen Abbas decried that Nigeria’s efficiency in collecting Value Added Tax (VAT) is the lowest among its African peers, indicating significant inefficiencies in its tax system.

Speaker House of Representatives, Hon. Tajudeen Abbas
Speaker House of Representatives, Hon. Tajudeen Abbas

He, expressed readiness of the 10th House to aid economic policies and programmes of President Bola Ahmed Tinubu administration.

Also speaking, the Minister of State for FCT, Dr. Mariya Mahmud said, the country tax system must evolve to reflect the dynamic nature of economy and the realities of the 21st century by simplifying tax procedures, closing loopholes and incentivizing compliance, enhance revenue generation, promote investment and spur economic growth in the nation.

Minister of State for FCT, Dr. Mariya Mahmud
Minister of State for FCT, Dr. Mariya Mahmud

The President’s commitment to economic diversification comes as part of a broader strategy to ensure sustainable growth and resilience against global energy market fluctuations.

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