Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), says if elected, he will grant tax holidays to the private sector to enable them to intervene in infrastructure development.
The former vice-president spoke on Wednesday at an interactive session with members of the Nigerian Guild of Editors, in Lagos.
A tax holiday, also known as tax relief or tax subsidy, is a temporary reduction or removal of tax. Governments usually create tax holidays as incentives for business investment.
Abubakar said this will create more jobs and encourage more investments in the country.
The PDP candidate also said he will ensure that the necessary constitutional amendments are made so that more powers are transferred to state and local governments.
“Let me, therefore, use the opportunity of this gathering today with the gatekeepers of the Nigerian media to say that my restructuring agenda is intact and it will be implemented from my first day in office,” he said.
“Already, I have received a report from a team of constitutional law experts which I assembled to look into our constitution and highlight areas where there are items that can be moved to the concurrent and residual lists of the constitution.
“Let me tell you that I will start work on the implementation of that report from my very first day in office if I am elected president next year.
“The private sector is pivotal to my agenda to rejuvenate the economy and close our infrastructure deficit gaps. If I am elected president, I will work closely with the private sector by giving them incentives to create more jobs, and also grant them tax holidays for them to intervene in our infrastructure development.
“It is obvious to all that the government doesn’t have all the money and the debt burden has continued to weigh us down. Therefore, the government has to be creative, and engaging the private sector is one way of solving our infrastructure problems sustainably.
“If you look at the thriving economy in the world, they allow the private sector to run the economy. If you see the amount of work the government has to do in terms of constructing and decongesting our ports, and railway, and you have to borrow, I will rather concession most of these projects to the private sector and give them tax incentives. This will bring progress, prosperity, and peace.”
While promising to set up a “government of national unity” if elected, Abubakar added that he will consider the six geo-political zones when appointing people into his cabinet.
“It is one of the ways to unite this country. Every section or geo-political zone will be carried along in appointments in every sector,” he said.
