From Paul Orude Bauchi
Governor Bala Mohammed of Bauchi State has warned that the six states in the North East stand the risk of collapsing under the proposed tax reforms of President Bola Tinubu
Mohammed, who was represented by Amina Muhammad Katagum, commissioner for Budget and Economic Planning, sounded the alarm when the Nigeria in Diaspora Commission (NIDCOM) organised a two-day sensitisation and advocacy programme aimed at promoting diaspora Investment potentials in the North East sub region of Nigeria.
Speaking at an event in Bauchi yesterday, the governor lamented that prolonged insecurity occasioned by Boko Haram insurgency has done irreparable damage to the North East sub-region.
“Despite its abundant human and material resources, the North East as a region, is characterised by dependence on statutory Allocations from the Federation Account (FAAC) and Statutory share of Value Added Tax (VAT).
“A decade and a half activities of Boko Haram had weakened the fabric of farming which is the region’s single most important source of livelihood.
“These and many other variables have resulted in the region’s slow response rate to poverty reduction interventions
“Clear evidence has, therefore, continued to point that, if the North East does not prioritize revenue generation through appropriate exploitation of our potentials, the future of the economy of the region is not likely to be bright.
“This is most especially as we approach a new tax regime in the Nigerian Tax system which seems to favor States with higher GDPs.”
Governor Mohammed said the timing of the workshop was apt and commendable.
“I, therefore, congratulate the North Eastern states for this opportunity and I urge you all to leverage on this golden opportunity to understand and utilise the two days of the workshop in knowing what clearly matters (i.e. the how, the when, the where and the what) in attracting diaspora investments to our individual states.”
He directed the Diaspora Focal Point Officer (DFPO) of the state to establish strong partnership with NIDCOM with a view to leveraging on the willingness to support states to tap from the huge Diaspora Investment potentials which have remained yet untapped.
In a welcome address, Bauchi State DFPO, Dr. Esther Ahmed, believed the programme would explore the vast opportunities for diaspora investment in the North East region.
“The Nigerian diaspora community plays a vital role in the development of our nation, with remittances estimated to be around $20-25 billion annually.
“We believe that there is still much untapped potential for diaspora investment in the North East region, particularly in areas such as agriculture, infrastructure, and education.
“This workshop is designed to provide a platform for diaspora investors to learn about the investment opportunities available in the North East region, and to connect with local stakeholders and policymakers.
“NIDCOM and its partners have assembled a team of experts who will share their insights and experiences on diaspora investment.”
The Chief Executive Officer of NIDCOM, Abike Dabiri-Erewa, explained that the development of Nigeria requires citizens both at home and those in diaspora to realise.
Erewa, who was represented by the NIDCOM secretary, Dr. Sule Yakubu Basisi, explained that the sensitisation for the north east was critical because the sub region is the cradle of material, mineral, agricultural resources and several other resources that could be harnessed for the development of the country
The Managing Director of Stage by Stage project Limited, Prince Jacob Momoh, who was represented by Lawrence Akaniro, assured that his oganisation is dedicated to providing a platform for Nigerians in the diaspora to connect with opportunities in Nigeria.
“We urge you to take advantage of the opportunities that exist in Nigeria, especially in the North East and to invest in our nation’s future. We are committed to creating an environment that is conducive to your investment and to supporting you every step of the way. To our government officials and policymakers, I say that we must work together to create policies and regulations that support diaspora investment.
“We must streamline our processes, reduce bureaucracy, and provide incentives that attract investment to Nigeria.”