The Minister of the Federal Capital Territory (FCT), Nyesom Wike, emphasized the necessity for governments at all levels to generate revenue to provide essential social services to Nigerians.
Speaking on Wednesday in Abuja during the inaugural Abuja Business and Investment Summit organized by the Abuja Investment Company Limited, Wike highlighted that the event’s theme, “Optimising Investment Through Partnerships,” aligns with the Federal Government’s commitment to leveraging collaboration to enhance investment opportunities.
Wike asserted that the belief that the government can operate without financial resources is misguided.
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He cited examples of unsuccessful partnerships with the private sector and stressed that the government will not continue investing billions of naira and land in ventures that do not guarantee a return on investment.
“These are the kinds of things the government looks into and say how can I bring in the money and the land and at the end of the day, the government will not make a dime?
“When people say the government is not to make money, who told you that? If government is not to make money, how do we have money to provide services? The government needs money.
“That’s why the government say pay your tax; it’s very important. And so, while we provide the enabling environment, we also believe that we have to encourage you (investors) so that you get what you are supposed to get and the government gets what it is supposed to get. That way, everybody will go home smiling.”
The minister’s remark came in response to the Federal Government’s decision to implement a 25% effective tax rate on wealthy Nigerians earning ₦100 million or more each month.
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