Governor Abdulfatah Ahmed of Kwara State has directed the state’s revenue service to put in motion a five-year tax relief regime for small business owners as part of effort to encourage small business owners and eradicate poverty in the state.
Speaking at the state 50th anniversary public lecture in Ilorin on Tuesday, the governor said that the five- year tax relief regime was imperative in order to allow for economic growth and development of the state.
Governor Ahmed, who said that the state had not introduced fresh taxes but “only succeeded in blocking leakages in the system through effective management of the collection processes”, added that, “Our business is not to kill your business but to grow your business,” he said.
He therefore, directed Chairman of the state Internal Revenue Service to coordinate the process of the tax holiday.
Also speaking, the guest speaker, and former Deputy Governor, Central Bank of Nigeria, Mrs Sarah Alade, advised the state government to design an economic blue print to strategically reposition the state for economic prosperity.
In her paper titled “Socio-Economic Development of Kwara State: An Agenda for the future,” Dr Alade said that Kwara State had the lowest unemployment rate in the country and should never be among the poorest.
She, therefore, urged the government to step up its Public Private Partnership concept.
While highlighting potentials of the state, Alade said the state had largest Small and Medium Scale Enterprises (SMEs ) that should be leverage on to turn around the economic future of the state in next 50 years
She however called on the state government to address what she called “lopsided infrastructure Development in Kwara central”,charging the state to spread inftacstructure to rural areas to reduce pressure on the centre.
Alade projected that Nigeria’s Youth popuppulation will grow to 60 percent by 236, a situation which she said demanded urgent attention to tackle youth unemployment.
Chairman of the Kwara State Internal Revenue Service, Dr Murtala Awodun had in his remarks stressed the need for tax holiday for micro, small and medium enterprises if the state must open up for economic growth and development.
He explained that report had it that more than 70 per cent of small business dies within the first five years of their existence.
He therefore, called for tax waivers of five years for small businesses with a view to creating economic prosperity in the state.
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