THE Revenue Mobilisation Allocation and Fiscal Commission has hailed the Nigeria Investment Promotion Council (NIPC) for its reform programmes.
It said the programmes were capable of transforming the council into a world-class agency.
The reforms, according to the RMAFC, would enable the NIPC to enforce the rule of law and minimise leakages in its activities.
RMARC Chairman Mr. Elias Mbam spoke during the presentation of Status Report on the administration of fiscal incentives by the members of the commission’s Non-Oil Monitoring Committee in Abuja.
Mbam said: “Nigeria at the moment cannot sit back and watch a few unscrupulous elements in our midst fiddle with our common patrimony by taking undue advantage of some fiscal policies, including the Pioneer Status Incentive, waivers and concessions and tax holidays designed by government to encourage and promote economic activities in priority areas and growth drivers of the economy”.
According to him, import duty waivers, concessions and exemptions have direct bearing on the quantum of revenue accruals into the Federation Account.
He said RMAFC was happy that the Executive Secretary of the NIPC, Mrs. Saratu Umar, was taking bold steps, which have sanitised the granting of the pioneer status incentives.
Mbam advocated a multi-stakeholder approach involving revenue generating agencies and regulatory bodies to stop revenue leakages to boost the country’s dwindling revenue base.
The Chairman, RMAFC Non-Oil Committee, Rev. Ajibola Fagboyegun, also lauded the revenue generating agencies and other stakeholders for their concerted efforts aimed at reducing revenue leakages and boosting remittances into the Federation Account.