Shettima: Our Tax Reforms will Sustain Investments, Not Frustrate Nigerians

*Cheaper CNG buses to slash transportation costs, curb inflation, says Edun

Deji Elumoye in Abuja

Vice President Kashim Shettima yesterday stated that the tax reforms under the administration of President Bola Tinubu were targeted at sustaining an investment-friendly and globally competitive business environment, and not to frustrate Nigerians.
This is as the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said the introduction of Compressed Natural Gas (CNG) buses under the Presidential CNG Initiative (PCNGi) would lead to a substantial reduction in transportation costs, and ultimately help in curbing inflation.
Shettima also said that the tax reforms would improve the system for the overall benefit of all Nigerians.

According to a statement issued yesterday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima spoke at the retreat of the Presidential Fiscal Policy and Tax Reforms Committee held in Abuja.
The vice president, who was represented by the Special Adviser to the President on General Duties (Office of the Vice President), Dr. Aliyu Moddibo Umar, emphasised that the reforms aim to revitalise revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment.

According to him, contrary to speculations in some quarters, “We are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens.”
Shettima explained the policy thrust of the administration’s tax reforms, pointing out that the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.
“Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” he noted.

While expressing confidence in the ability of the committee to deliver on the mandate, he also emphasised the significance of the task ahead, noting that “we are gathered today because we are transitioning from the phase of a proposal in the operations of this committee’s work to the phase of implementation.
“I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added
 
Cheaper CNG Buses to Slash Transportation Costs, Curb Inflation, Says Edun

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Edun has said that the introduction of CNG buses under the Presidential CNG Initiative (PCNGi) would lead to a substantial reduction in transportation costs, and ultimately help in curbing inflation.
Edun stated this during a visit to the JET Motor Company (JET) Assembly Plant in Lagos, where CNG buses are being assembled.

According to a statement issued by Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, the minister noted he had seen the vehicles being assembled, expressing confidence that the benefits of the initiative will soon be accessible to Nigerians.
“I have come to see the CNG buses that Nigerians are asking about. I have seen them. I have tested them and driven them. I have seen them being assembled. The benefits will soon be available to Nigerians,” Edun said.

Edun highlighted the significant cost savings that CNG buses offer compared to their petrol-powered counterparts.
“Two critical aims will be achieved. Whereas it costs about N55,000 to fill a 15–20-seater bus with petrol, it will cost between N12-15,000 to fill a CNG bus of the same capacity. This is three times if not four times less. This is a huge savings that will help reduce transport costs and at the same time, help reduce inflation,” he said.

He said the PCNGi is about affordable mass transit.
Edun praised JET’s employment of local talents in the assembly of the vehicles.
The chairman and founder of JET, Chidi Ajaere, took the minister round during the visit.
Also on hand were the CEO of JET motor company, Derek Ewelukwa, and other members of the JET team, such as Sanjay Rupani of the Technical development department and the plant manager, Ebimo Ofongo.

Present also were the Commercial Director of PCNGi, Tosin Coker, and the Director General of the National Automotive Development and Design Council, Joseph Osanipin.
Ajaere commended President Bola Tinubu for his initiative in promoting local production of the CNG vehicles and the entire PCNGi team’s resolve to make the project a success.
JET was established in 2018 to build Electric Vehicles (EV) vans, pickups, and CNG/Petrol buses tailored to meet Nigeria’s unique transportation needs.
The company aims to transition from semi-knocked-down components to completely knocked-down components in the next three to four years.