President Tinubu Woos G-20 Investors as FAAC Meets Over Multiple Taxation

President Bola Tinubu has assured international investors from G20 nations that their money is safe within the borders of the country.

The president disclosed this during a panel discussion titled “Fostering Local Value Chains and Investments in Africa — The Role of the German Private Sector at the G20 Compact with Africa Economic Conference, hosted by German Chancellor, Olaf Scholz, in Berlin, on Monday.

He highlighted to the investors that Nigeria has a large market and is ready to leverage all its advantages to become successful.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, conveyed this in a statement which explained to the investors that since he assumed office in May 2023, his administration has embarked on transformative changes, removing all obstacles hindering businesses in the country.

He noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the most significant incentive for investors toward the mutually beneficial replication of China’s economic resurgence.

Tinubu stressed that Africa now fully recognises the relationship between the inflow of investor money and the sanctity of contracts.

The president further assured potential investors that Nigeria has moved beyond restrictive policies, and today, capital can be moved in and out of the country freely, providing flexibility for investors.

He also highlighted the socio-political stability in the country, saying, “Nigeria has consolidated its democracy with several consecutive handovers of power.

While the president is trying to woo investors in Germany, the Federation Account Allocation Committee, FAAC is mulling plans to take decisive actions against multiple taxation in the country.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated this at the opening of FAAC’s retreat on Monday in Delta state.

He announced that the government is not set to overburden taxpayers with many new taxes but will rather broaden its tax base while simplifying and streamlining tax administration in the country.

He affirmed that the Federal Government is also dogged in pursuit of natural gas development. He further disclosed that the country is set to implement tax reforms