Reps Send Key Message to Wike, Advocate Tax Incentives for Small Businesses in FCT
- Some federal lawmakers have called for tax incentives and harmonised policies to prevent excessive taxation on small businesses in the FCT
- The lawmakers in the 10th House of Reps urged Minister Nyesom Wike and other stakeholders to address the issue
- Rep. Ikenga Ugochinyere highlighted ongoing tax reform bills aimed at shifting the tax burden to large businesses
Abuja, FC T - Some members of the 10th House of Representatives have called for tax incentives to support businesses in the Federal Capital Territory (FCT), urging authorities to harmonise tax policies to prevent multiple taxation on small enterprises.
The lawmakers made the appeal on Friday, February 14, at the launch of Dreamskin Luxe Empire, an entrepreneurial centre in Abuja, to commemorate St. Valentine’s Day.
Source: Facebook
FCT: Wike, others urged to protect small businesses
Rep. Obika Chinedu, who represents the Abuja Municipal/Bwari Federal Constituency, acknowledged that the FCT provides a conducive environment for businesses.
However, he urged the minister of the FCT, Nyesom Wike, and other stakeholders to ensure that tax administrators do not impose excessive levies on small-scale business owners.
"This will discourage entrepreneurship and development in the area councils. You see some of those tax administrators will collect the tenement rates, business premises and all kinds of taxes," Chinedu said.
He called for a more harmonised tax structure, warning that excessive taxation could force businesses to shut down, leading to increased unemployment.
Ugochinyere speaks on tax reforms bills
Rep. Ikenga Ugochinyere, representing Ideato Federal Constituency, emphasised the importance of tax reform bills currently under consideration.
He noted that the proposed legislation aims to shift more tax pressure onto large businesses while reducing the burden on small enterprises.
This, Ugochinyere said was by "ensuring that more of the tax pressure was moved to big businesses and big people who are using lots of goods and so on and so forth and then limiting the impact on small businesses".
Nnabuife speaks on importance of youth empowerment
Rep. Chinwe Nnabuife, representing Orumba North/South Federal Constituency, highlighted the need for stronger public-private partnerships to address unemployment.
She stressed that youth empowerment initiatives could reduce social unrest and foster self-sufficiency.
"When you empower somebody, you're giving the person the go-ahead to explore, to explode, and to be self-sufficient," Nnabuife said.
Entrepreneurs seek government support
The Chief Executive Officer (CEO) of Dreamskin Luxe Empire, Mrs Nancy Irole, expressed her excitement about the launch of the new facility, describing it as a "dream come true."
"Dreamskin Luxe Empire isn’t just a spa or a beauty lounge. It’s a place designed for Nigerians to check their wellness, as they go about their normal businesses," Irole said.
Rep Jamilu speaks on tackling unemployment
Hon. Mohamed Jamilu, who represents Faskari/Kankara/Sabuwa Federal Constituency, underscored the role of the private sector in addressing unemployment and insecurity.
He urged businesses to collaborate with the government in creating jobs and supporting youth empowerment programs.
The lawmaker said the government alone cannot provide the needed jobs, adding that private sector involvement is crucial in tackling unemployment and curbing social vices.
Reps pass Tax reform bills for second reading
In another report, the House of Representatives on Wednesday, February 12, 2025, passed the consolidated tax reform bills for a second reading.
The bills, which include the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, were passed for a second reading after extensive debate.
House leader Professor Julius Ihonvbere, who led the discussion, stressed the need to modernise Nigeria’s tax system, which he described as outdated.
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Source: Legit.ng
