By Adedapo Adesanya
President Bola Tinubu has directed the office of the Attorney General of the Federation (AGF) to fish out any legislation that is impeding the flow of Foreign Direct Investments (FDIs) into the country.
The AGF and Minister of Justice, Mr Lateef Fagbemi, made this known after the Federal Executive Council (FEC) meeting held on Wednesday in Abuja.
He said that specifically, the issue of the various agreements entered into with the United Arab Emirates (UAE) took the front burner, and it was agreed that all hindrances to the agreement would be quickly cleared through proper legislation.
Nigeria’s FDI value as of the third quarter of 2023 amounted to $59.77 million and represented less than 10 per cent of foreign capital importation.
Out of the 36 states of the federation, only five states and the Federal Capital Territory (FCT) attracted foreign capital in the third quarter of last year.
Mr Fagbemi said the council agreed that moving forward, a national policy on taxation that would encourage FDI flow would be prepared for the National Assembly ratification.
“The council noted that the agreement between both countries included personal income tax, company income tax, petroleum profit tax, information technology levy, tertiary education tax, and capital gain tax.
“Because of the effect of this cooperation or the benefits that will accrue to Nigeria, the council agreed and directed that the agreement that had already been signed should be taken further by mandating the Attorney-General and Minister of Justice to prepare a bill to take to the National Assembly for ratification,” he said.
Modupe Gbadeyanka