Romanus Ugwu, Abuja
The All Progressives Congress (APC) national leader, Asiwaju Bola Tinubu, has made a passionate appeal to the Federal government to shelve the idea of increasing Value Added Tax (VAT), arguing that doing that will reduce the purchasing power of Nigerians and further slow down the economy.
In a speech he delivered during his colloquium/67th birthday in Abuja, the former governor of Lagos, equally urged the Muhammadu Buhari-led government to concentrate energy on increasing power generation in the second term, appealing to him to revisit the privatisation of the power sector.
Making the appeal to stop VAT increase, he said: “This truth is particularly acute when this very nation now faces fundamental political and economic questions that cast doubt on the social utility and viability of the economic model under which they have travelled for the past 50 years.
“The global economy faces stiff headwinds. Factors not of our making now cast the world economy towards low growth. Consumer spending is slipping. Aggregate private debt has attained historic levels.
“Let me appeal to Vice President, Yemi Osinbajo, and his team to put a huge question mark on anything that concerns VAT.
“If we reduce the purchasing power of the people it can further slow down the economy. Let us widen the tax net. Those who are not paying now even inclusive of Bola Tinubu, let the net get bigger and we take in more taxes and that is what we must do in this country,” he begged.
Commenting on the power, Tinubu said: “I believe the second Buhari administration will work to increase electricity generation, transmission and distribution by more than 50 per cent within the next four years. We require serious and bold reforms to achieve this. What is happening to our gas pipelines? Whatever we have to invest now for our future is a task that must be done boldly.
“The PDP administration shared out generation, distribution and transmission to their friends and cronies without very deep and thoughtful research and evaluation. It has now become pork chops. This privatisation must be revisited. Put experts together for a more constructive reform to improve generation, transmission and distribution by any means necessary. We cannot afford to be too legalistic about this.
“Also, we should push to end the practice of billing people for electricity they never received. This practice is a vestige of the past that should not accompany us into the future. A person should be charged accurately and only for the power that they use,” he said.
On the global economy, he said: “Forecasters are predicting a global recession within the next 12-18 months. I render these observations not to frighten anyone but because they ring true. Wisdom requires that we accept reality instead of obscuring it under the cloak of wishful thinking. We must build policies that interact with the world as it is, and not with the world as it should be.
“We must recognise these harsh economic tidings as advance warnings to the wise. Hence we must think deeper and work harder for our people in Nigeria. I would be a most wicked friend if I knew a storm was approaching yet convinced you to ready your family for an outdoor picnic under the tallest tree. The truth is always a more valuable guardian than fantasy.
“Mr. President, you have warned several times that the storm that approaches is not inevitable. It is borne of human folly and reckless greed. This means that it can be rectified by human wisdom and prudential action. At this point, we must recognise the fundamental truth of our time. The economic model upon which the world is built is unravelling. The coming downturn is just a symptom of this great upheaval.
“The global economy faces either genuine reform or gathering ruin. Because of this, the economic cohesion of Western nations is weakening. Income inequality has reached levels unseen in a century. The middle class in most countries is shrinking. Wages stagnate while prices are on a ceaseless march upward,” he said.
In his welcome remarks, the governor of Lagos state, Akinwunmi Ambode, described the celebrator as a man of high-political dexterity, commending the national leader for spearheading the victory of the party in the recently- concluded 2019 general election.
Describing him as a dogged leader and man of undaunted courage, the Lagos State governor expressed confidence that the APC was spreading its progressive tentacles further into the country, while Nigerians were looking forward to moving to the next level.
He said the theme of the colloquium, Next Level: works for the peoplewas chosen to coincide with the times when the country was on the threshold of greatness.
Dignitaries at the event included the Vice President, Yemi Osinbajo, who represented President Buhari; APC National Chairman, Adams Oshiomhole; former ruling party boss, Bisi Akande, governors of Oyo State, Abiola Ajimobi; Ekiti State, Kayode Fayemi; Osun State, Oyetola Gboyega; Imo State, Rochas Okorocha; Ondo State, Rotimi Akeredolu; Zamfara State, Abdul Aziz Yari as well as Bauchi, Mohammed Abubakar, Plateau, Simon Lalong, Edo deputy governor, Philip Shaibu and Lagos state governor-elect, Babajide Sanwo-Onu.
Others include National Assembly members, Ahmed Lawan, Godswill Akpabio, countless royal fathers, including Oni of Ife, Adeyeye Ogunusi, Ministers like Health, Isaac Adewole, Labour and Employment, Chris Ngige and Trade and Investment, Okechukwu Elelema, among others.