Effective management of non-oil assets can fetch FG N10trillion annually –Tax expert

A tax expert and Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has advocated for effective management of non-oil assets, saying it could fetch Federal Government over N10 trillion annually.

He spoke at a stakeholders conference in Lagos recently at an occasion organized by the Harvard Business School Association of Nigeria.

Oyedele decried the mismanagement of Nigeria’s non-oil assets which he said was worth N80 to N100 trillion, insisting that due attention has not been paid to it.

“We found out that other than oil when you are talking about assets. Some estimates, although still working on it, show something in the region of N80 to N100tn scattered all over the place. We haven’t shown any care at all as a country about those assets such that they have been mismanaged.”

“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets and the shareholders are still in this same Nigeria,” the chairman said.

Oyedele highlighted the need for improved asset management and the potential benefits of selling underperforming assets to generate liquidity and stimulate economic growth.

“Imagine that you become more efficient with a N100tn asset alone, even if you get a return of 10 per cent yearly that’s easily N10tn. If you cannot manage the asset well, then sell it, and get liquidity in.”