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Sunday, October 24, 2021

Finance Minister Commends Nigeria Exchange, Says Request For Reduction In Taxes To Be Treated On Merits

By Tijjani Mohammad

Honourable Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, has commended the Nigerian Exchange Limited for her efforts towards deepening the Nigerian capital market.

            The Minister gave the commendation, Tuesday, when the management of the Exchange, led by the Chief Executive Officer (CEO), Timi Popoola, paid her a courtesy call in her office.

            While acknowledging the commitment of the management of the Exchange culminating in the demutualisation of the Exchange, Mrs. Ahmed called on the management to utilise technology and innovation to ease the processes of trading on the Exchange and ensure that ordinary citizens also participate in the capital market.

            It was in furtherance of this objective that the Honourable Minister noted that the federal government had directed the Securities and Exchange Commission (SEC) to marshal out a saving policy and programme that would encourage citizens of all economic standing to actively participate in the Nigerian capital market as a means of unlocking the potentials in the market.

            Earlier, Mr. Popoola had informed the Honourable Minister that he had come to introduce the Exchange.

new Management of the Exchange to the Honourable Minister and to also appreciate the Honourable Minister’s support to the Nigerian capital market.

While assuring her of the Exchange’s support to this administration’s effort in making Nigeria a destination for foreign investment as well as attracting investors, Mr. Popoola sought for a reduction in Company Income Tax (CIT), from 25 percent to 20 percent, among others, arguing that these would ultimately attract more taxes to government.

The CEO assured the Minister of the Exchange’s commitment to support the Ministry’s fiscal policy and willingness to serve on the committee on the Finance Bill 2021.

On the request for a reduction of various taxes concerning the capital market, the Honourable Minister declared that such requests would be treated on their individual merits, stating that the requests had come at appropriate time when the Ministry was working on the Finance Bill 2021.

Yunusa Tanko Abdullahi
S.A Media and Communications to the Honourable Minister of Finance, Budget and National Planning

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