The President of the African Development Bank, Dr Akinwumi Adesina, has urged leadership authorities in Nigeria to Fix electricity issues, adding that there can be no justification for Nigeria not to have enough power.
During a presidential inauguration lecture in Abuja, on Saturday, Adeshina highlighted the significant impact of high electricity costs on the country’s private sector and urged Nigerian authorities to address the issue decisively, emphasizing that there is no justification for Nigeria’s insufficient power supply.
He emphasized that providing electricity would enhance the competitiveness of Nigerian industries, particularly within the context of the African Continental Free Trade Area.
In addition, the President of the African Development Bank called for an increase in tax generation in Nigeria.
He proposed a shift from tax exemption to tax redemption and emphasized the importance of multinational companies paying appropriate royalties and taxes.
He also urged the Nigerian authorities to plug revenue leakages in tax collection.
However, he cautioned that simply raising taxes is not enough and emphasized the need for the government to provide essential services to the population, ensuring an effective social contract.
The President also made a case for reducing the cost of governance in Nigeria, describing it as excessively high. He argued for a significant reduction in order to allocate more resources for development.
According to him, Nigeria spends too little on development, which contributes to its low ranking in the global human capital index. He advocated for a shift towards relying more on the private sector for infrastructure development, alleviating the burden on the Federal Government and promoting economic growth.