There is Hope for Great Economic, Financial Future, Tinubu Tells Nigerians

* Launches Expatriate Employment Levy

* Warns against using system to frustrate potential investors

Deji Elumoye in Abuja 

President Bola Tinubu has given an assurance that there is hope for the nation’s financial and economic prospects, citing efforts currently being made by the administration in all sectors.

The president gave the message of hope Tuesday during the unveiling and launch of the Expatriate Employment Levy (EEL) at the State House, Abuja.

Commenting on the positive outlook of the nation’s finances and the economy in general, Tinubu cited the efforts being put into recovery by officials of the administration, saying though things appear harsh currently, but indicators are that there is light at the end of the tunnel. 

According to him, “We expect revenue generation improvement, improved naturalization and indigenization, employment of more Nigerians by foreign companies operating in this country, balancing of employment opportunities between Nigerians and expatriates, close wage gap between the expatriate and the Nigerian labour force by making it more attractive to hire Nigerians.

“We must assure Nigerians that there is light at the end of the tunnel. We might be going through difficult periods now, but when you look at the Infrastructure Concession Regulatory Commission, the Federal Ministry of Finance, Budget and National Planning and people manning the ship of this country, including Central Bank of Nigeria, they have collaborated and in the spirit of development and progress, we are glad that good effort is being made to retool, reengineer the finances of the country and make growth our hallmark.

“I’ve been further assured that the project has the capacity of plugging loopholes and gaps that have bedevilled the country in dealing with security challenges, movement of foreigners in and out of the country. Interestingly, this scheme will wield the dual fold of revenue generation, as well as addressing employment challenges as salary gaps attendant in the remuneration of expatriate workers as compared with their Nigerian counterparts.”

The president, who lauded the Minister of Interior, Hon. Olubunmi Tunji-Ojo, for the various progressive innovations he had introduced into the job, earning the government accolades from home and abroad, described the EEL scheme as another game changer.

He expressed excitement over the various positive advantages of the scheme, including better employment opportunities for Nigerians with foreign companies and bridging of the wage gap between Nigerian employees and expatriates in foreign companies operating in Nigeria.

Tinubu however warned that the operators of the scheme should be careful not to turn it into another bureaucratic bottleneck, which is capable of frustrating potential investors.

“I declare my support for the Expatriate Employment Levy Scheme and I will continue to encourage the operators, practitioners of immigration matters and expatriate quotas, but don’t use it as a bottleneck, don’t use it to frustrate potential investors.

“There will be clear lines of implementation and effective acceleration of aims and objectives of this programme. Immigration matters and expatriate quotas, and relevant stakeholders, have to be effectively guided to make Nigeria the focus of the objective of this EEL. Therefore, it is my honour that the handbook of the Expatriate Employment Levy is hereby launched,” he said.

Earlier in his remark, the Minister of Interior, Tunji-Ojo, highlighted some of the features in the EEL scheme, built in to create employment opportunities and competitive advantages for Nigerian workers working in foreign companies in the country.