DOGARA: Why we’re probing Tax Incentives/Waivers granted multi-national corporations

The House of Representatives’ investigation into incentives/waivers granted to multi-national corporations is aimed at ensuring that Nigeria is not short-changed from benefits derivable from foreign direct investment, Speaker Yakubu Dogara, has said.

Speaking at the opening of an investigative hearing organised by the House Joint Committee on Finance and Public Accounts at the National Assembly Complex on Tuesday, he said this will go a long way in avoiding short-changing the nation in terms of the tax, employment opportunities and such other benefits derivable from FDI.

He stated, “The overall aim of this investigation is to address anomalies that may impede the operations of the Foreign Direct Investment (FDI) policy in the country. We in the Parliament are desirous to see a new vista of competitive, transparent and efficient FDI system.

“We believe that a well-managed FDI policy will boost technology, skills and expertise transfer, which will in turn spur growth and development. Japan and South Korea are two well-known countries that have thrived through FDI. Nigeria cannot be an exception if we get our acts right.

“It is imperative to ensure that in granting incentives/waivers to multi-national corporations, the interest of the country is made paramount. This will go a long way in avoiding short-changing the nation in terms of the tax, employment opportunities and such other benefits derivable from FDI.”

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Hon Dogara also explained that the House of Representatives is not oblivious of the invaluable contributions of foreign investments to the nation’s economy, especially at this crucial period when the country has just exited from recession.

“A better inflow of foreign investment, which is one of the goals of the nation’s Economic Recovery and Growth Programme (ERGP), will certainly enhance the success of our recovery efforts.

“Let me use this opportunity to express the appreciation of the Nigerian Parliament to our international business and development partners for their continued support and contributions to the economic development of our country. I urge all of them to always deploy their development assistance and go about their legitimate businesses in a manner that is in tandem with our national policies, as well as the needs and benefits of the people of Nigeria,” he added.

The Speaker said he was of the belief that the findings of the investigation will assist the country in knowing how to improve on the management of our FDI, block leakages and ensure that acceptable procedures are strictly followed.

 

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