By Christiana Ekpa
Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu has called for the enactment and promotion of deliberate economic policies to boost national growth.
Kalu made the call on Thursday in Abuja during a courtesy call on him by the Presidential Economic Advisory Council/ Presidential Foreign Intervention Promotion Council led by the Director-General, Prince Adeniyi Adeyemi.
He said: “By working closely with us in the 10th House of Representatives, we can craft robust policies that not only advance our national interests but also promote regional and international peace and prosperity
“I therefore encourage you to focus on building resilient economies that can withstand global fluctuations while also investing in partnerships that enhance our influence and support our strategic goals abroad”.
Recognizing the critical role the PFIPC plays in ensuring foreign partners are afforded the same rights, protections, and opportunities as local businesses, in line with the Foreign Investment Protection Act, the Deputy Speaker also said that the legislative framework has ensured transparency.
“As we know, this legislative framework promotes legal safeguards, ensures transparency, and guarantees equitable treatment, which are essential pillars for building a climate of trust and confidence among international stakeholders. These efforts are vital as Nigeria seeks to scale its growing economy, projected by the International Monetary Fund (IMF) to grow by 3.3% this year, despite global headwinds.
“These efforts have not gone unnoticed by the global financial community. Just last month, a Global Ratings Agency, Fitch Ratings, upgraded Nigeria’s long-term foreign-currency issuer default rating (IDR) from ‘B-’ to ‘B’, with a stable outlook. The IDR, which measures an entity’s relative vulnerability to default, is a critical barometer of investor confidence. Fitch’s upgrade is a strong endorsement of the government’s commitment to policy reforms, including: exchange rate liberalisation; monetary policy tightening; ending deficit monetisation and removal of fuel subsidies.
“These reforms have improved policy coherence and credibility, reduced economic distortions, and significantly lowered near-term risks to macroeconomic stability”, he said.
Kalu also expressed satisfaction with the passage of the tax reform bills into law by the National Assembly, saying it will broaden the nation’s tax base.
“I am proud to highlight that the 10th House of Representatives has not only prioritized but also successfully passed four critical tax reform bills.
These reforms are designed to broaden our tax base, improve revenue mobilization, and create a more business-friendly environment for both local and foreign investors.
“As you know, the National Assembly directly and indirectly influences the economic environment through its lawmaking and oversight powers; therefore, the Legislative Agenda of the 10th House of Representatives
is focused on efforts to enact legislation to promote sustainable economic growth and strengthen agricultural development”, he said.
