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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, says the government at all levels needs to make money to provide social services to Nigerians.
Wike spoke on Wednesday in Abuja at the maiden edition of the Abuja Business and Investment Summit organised by the Abuja Investment Company Limited.
The former Rivers State governor said the theme of the event, ‘Optimising Investment Through Partnerships’, resonates with the Federal Government’s drive to deploy the power of collaboration to foster investment opportunities.
READ ALSO: FG Eyes 25% Tax Revenue From Nigerians Earning Above ₦100m
The FCT minister said the notion that the government does not need money was incorrect. Citing examples of the government’s partnership with the private sector that went sour, Wike said the government won’t continue to commit billions of naira and land to investors who can’t guarantee a return on investment.
“These are the kinds of things the government looks into and say how can I bring in the money and the land and at the end of the day, the government will not make a dime?
“When people say the government is not to make money, who told you that? If government is not to make money, how do we have money to provide services? The government needs money.
“That’s why the government say pay your tax; it’s very important. And so, while we provide the enabling environment, we also believe that we have to encourage you (investors) so that you get what you are supposed to get and the government gets what it is supposed to get. That way, everybody will go home smiling.”
The minister’s comment followed the move by the Federal Government to impose a 25% effective tax rate on rich Nigerians earning ₦100 million and above monthly in the country.
