Osinbajo Faults Nigerian Revenue Capacity, Says country must fine tune economic plan to succeed

By AKOR SYLVESTER- Abuja

Vice President Yemi Osinbajo has faulted the revenue generating capacity of the country, saying the country needed to exploit more revenue opportunities to meet the yearnings of the people.

He said the country needed to surmount the profit productivity problem in order to achieve its economic prosperity goal.

The vice president who spoke at the NLC Delegates Conference to elect new leaders in Abuja yesterday, said a situation where 200 million people only generating 25 billion US dollars in collective revenue is far too small.

According to him, “We need of course, to fine tune our economic plan, especially the prioritisation of value addition. We simply must encourage value addition, we must encourage the private sector. For example, in agriculture, our focus has always been on the export production and export of raw produce almost focus as we began to in the past few years.

“Focus on adding value, adding value to raw produce, which means more jobs and the value chain makes more money, same as mining, we need more beneficiation in mining. We cannot continue to export our raw minerals.

“The beneficiation process is what actually creates the opportunities. It is that process of adding value that our jobs and brings about the prosperity that a mighty nation ought to have.

“Already we have seen a few investments in gold refining, for example, manufacturing, especially like manufacturing is key. But we Nigeria can be the factory for this continent.

“As China as a factory of the world, Nigeria can be the factory for Africa, and then become the factory as we go along. For the rest of the world.

“We have been discussing the prospects already have zero access for machinery generally, because whenever you import a machine, it is meant to produce there’s no other thing that you do with a machine except to produce something or to use it for some productive purpose”,.

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Speaking further, he said “So there might be no need to tax machines. And some of the arguments have gone back and forth. And I think that we’re coming to a realisation that we can introduce zero taxes for several of us, especially those that we use for purposes of production.

“We must of course encourage investments, information and communication technology, creative industry, tourism, amongst others. And we’ve seen already the growth of the unicorns in our myths from 2015 to allow six Nigerian companies established by young men and women, all under the age of 85 are now accredited as billion dollar companies.

“And these are the companies that are called the unicorns, the fintechs in the tech industry, if in seven years now going to ETS, we can have six nominees that are routed around the world as being over worth over a billion dollars some even worth $3 billion is surely the limit.

“There’s plenty of opportunity for growth in our country. Industries must we must be able to create the environment for enabling industries.

“In some government policy must be get making Nigeria evaluating economy, especially in all of the areas of comparative advantage. It’s important to loosen general terms on trade. Blanket important structure,

some of which we’ve seen are a doublet with anomic activity, because a lot of items are by milega.

“The manufacturer might be affected with the consequent negative impact on value. Importation itself is not the problem. It is what we import and what you do with it. Most countries of the world are major producers or major manufacturers also major importance.

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“The important thing is what you do with what is important. How well paying jobs and wealth can be created.

“No nation can improve the quality of life of his people without producing more without removing barriers to business and commerce. But the social covenant also importantly, must provide for those who cannot work.

“Our social covenant, this new compact, must provide for those who cannot work and it will seem that only an intentionally progressive left of centre ideological bed come without losing its soul deliver on this aspect of the covenant.

“Many of us, especially those of us of the old school, talk a lot about ideology. And I think that it is correct for us to talk about ideology.

“The only thing is that we cannot be doctrinaire, what’s important to understand that they are that central to the care of our people and central to the care of millions of people, especially those that cannot work are some of those left of centre ideas that have made countries all over the world other countries, countries where their people are respected, and countries where their people are treated fairly.

“It is my view that this in the end, I mean, our case, the ideological spectrum that we occupy our own parts of MAPC and I’m sure PDP people will complain, but I believe that the ideological spectrum than the APC occupies is the one that can produce the sort of ideologies of gods were subverted here and there many times.

“But I must say to you that you won’t party and this is evident from our manifesto, when we drew up our manifesto.

On his part, the minister of Labour and Employment, Chris Ngige urged the new leadership of the congress to focus on their mandate of protecting the interest of workers and shun interference with government’s appointment.

He said ” I need to point out some areas for the new and incoming leaders to look out for and fill in the lacunae for a better and progressive trade union movement for the good of all in Nigeria.

“It is acknowledged both nationally and internationally that Government would not interfere in trade union matters and likewise, Trade Unions are not to interfere in Labour Administration unless as provided by the laws and principles of tripartism.

“Trade Unions are not mandated to dictate to the Government on appointment of Public Officials such as Permanent Secretaries, Director Generals, Director, etc. as such appointments are within the purview of Government functionalities.

“How will a trade union fare if the Government starts dictating on who and how they elect their executives.

“Non – conformity to the Labour Laws especially the laws contained in the Trade Disputes Act on trade disputes. This supports my policy that all newly elected Trade Union Officials MUST attend relevant courses at the Michael Imuodu National Institute for Labour Studies (MINILS) to equipped them with requisite knowledge and turn them into seasoned Industrial Relations experts.

“Non-Reportage has been a bane on sincerely conducted social dialogue and negotiations as the majority of the workers’ population are left with no information, under-information and most often misinformation.

“At this point, I enjoin the Confederation of Trade Unions’ leaderships to always be bold to inform the affiliates of the true state of Labour Laws even when it is not in their favour. It will help in avoiding mistakes and mis-steps.

“Non – implementation of the Employees’ Compensation Act (ECA) 2010 by State Governments – This has resulted to many workers not being covered by the ECA Act for injuries and even deaths sustained in the place or course of employment. The NLC should remedy this situation as the welfare of workers is one of the cardinal functions of Trade Unions including the Confederations.

“In this regard, it should be noted that the PENCOM Act 2014 makes it mandatory for all employers to give Insurance Cover for workers employed by them”,.

Speaking earlier, the outgoing president of NLC, Ayuba Wabba, condemned the sufferings of Nigerians over the current scarcity of new naira notes and fuel.

He said government did not put the interest and situation of Nigerians into consideration before coming up with the policy, saying the congress will continue to tackle government over anti people policies.

He urged his successor to keep on the fight of protecting  the interest and welfare of Nigerian workers, while praying  God to give Nigerians credible leaders in the coming elections.