There is no justification for Nigeria not having enough power, Dr Akinwumi Adesina, has said.
The President of the African Development Bank made a case for Africa’s most populous nation on Saturday while speaking during a presidential inauguration lecture in Abuja, the nation’s capital.
He stated that the nation’s private sector is greatly affected by the high cost of electricity, calling on the Nigerian authorities to fix the epileptic power.
“For faster growth, Nigeria must fix decisively, the issue of power once and for all,” he stated. “There is no justification for Nigeria not having enough power.”
“The abnormal have simply become normal. Nigeria’s private sector is hampered by the high cost of power. Providing electricity will make Nigerian industry more competitive, especially within the context of the African Continental Free Trade Area.”
Speaking on the tax drive, Adesina wants the Federal Government to increase the tax generation in the country.
Specifically, he wants the government to move from tax exemption to tax redemption and also ensure that multinational companies pay appropriate royalties and taxes. He also wants the Nigerian authorities to block tax leakages in revenue collection.
Noting that simply raising taxes is not enough, the AfDB boss wants the Nigerian government to provide the basic amenities to the masses.
“Nigerians therefore today pay the highest implicit taxes in the world. The government needs to ensure an effective social contract by delivering quality public service.
“It is not the amount collected, it is how it is spent and what is delivered. Nations that grow better run effective governments that assure social contract with their citizens,” he added.
Reduce Cost Of Governance
While giving his talk, the former agriculture minister made a case for a reduction in the cost of governance in the country.
Describing governance cost as too high, Adesina said it should be “drastically reduced to free up more resources for development”.
To the AfDB President, Africa’s most populous nation spends very little on development, a situation that may be responsible for being ranked among the countries with the lowest human capital index globally.
He canvassed for a change in the current statistics, urging the Nigerian authorities to rely more on the private sector for infrastructure development to reduce the burdens of the Federal Government.