The House of Representatives on Tuesday passed through Second Reading a bill that seeks to establish National Council for Digital Innovation and Entrepreneurship, otherwise known as (Tech Start-Ups) in Nigeria.
The Executive Bill seeks to provide for the creation and development of an enabling environment for Technology- Enabled Startup in Nigeria and for related matters was sponsored by Majority Whip, Hon. Mohammed Monguno.
Clause 31(1) of the bill proposed a 35% tax holiday for eligible Employees of Start-Ups in Nigeria for a period of two years from the day of engagement.
The Bill also seeks to create a Start-Up Investment Seed Fund to be managed by the Nigeria Sovereign Investment Authority.
The Fund is to provide a labelled Start-Up with finance, provide early-stage finance for a labelled Start-Up and provide relief to technology laboratories, accelerators, incubators and hubs.
Leading the debate on its general principles, Hon. Monguno said: “Technology innovation as well as start-ups to give them enabling environment for them to protect and also to protect huge investments that come both from the public and private sectors to that sector.
“About $1.4 billion has been invested in the start-up sector. And such a huge amount of investment needs an environment well regulated by law. An environment that is not at the whims and caprice of the Executive arm of government. Whereby one person can wake up one day and issue directives. It brings about instability and therefore discourages investment.”
In his contribution, Hon. Uzoma Nkem-Abonta who affirmed that Nigeria needs an enabling environment for technological advancement, however, expressed concerns over the high cost of governance.
He said: “Yes we need to have to enable the environment, no country can grow without technology. We need to have technological growth, which includes good schools, centres. But on a general note, my fear is the cost of governance, the cost of running the place. Enabling environment is the business of the government, the bill seeks a commission that will steer this process, enabling environment appears somehow vague, not certain. There are a lot of scientific institutions, if we start one, there will be a multiplicity, it will be so much we become confused.”
On his part, the Deputy Minority Leader, Hon. Toby Okechukwu (PDP, Enugu) was of the view that this current government should resolve ASUU strike action and power grid collapse to provide enabling environment for people, rather than creating bills.
Hon. Okechukwu who observed that the mandate of government at any level is to create an enabling environment for business for technology underscored the need to address ongoing strike action embarked on by the Academic Staff Union of Universities (ASUU), and fix the collapsed power grid. “Without these issues, we will just be creating an enabling environment by bills without reality.”
While ruling, the Deputy Speaker, Hon. Idris Wase who presided over the session argued that the Bill is needed by the citizens.
He said: “We appreciate your criticism to do more things, but I can tell you that we need this bill. Those in the technological advancement require it. Start-up means encouraging them, giving them funding and that will enable us to grow.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…
[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo
The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…
ICYMI: How We Carried Out The 1993 Nigerian Airways Hijack —Ogunderu
On Monday, October 25, 1993, in the heat of June 12 annulment agitations, four Nigerian youngsters, Richard Ajibola Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Razak-Lawal, did the unthinkable! They hijacked an Abuja-bound aircraft, the Nigerian Airways airbus A310, and diverted it to Niger Republic. How did they so it? Excerpts…
Sahabi Danladi Mahuta, a community mobiliser and APC chieftain. Mahuta spoke to select journalists at the sidelines of an Islamic conference in Abuja recently. Excerpts…
The Federal High Court sitting in Abuja, on Wednesday, admitted the medical report and death…
There are indications that the cost of airfare in Nigeria may reduce when the newly…
Amaechi emphasised that they (he and Lamido) would have confronted the current administration led by…
He stated, "Cult clashes that have resulted in the loss of hundreds of lives and…
He recounted how they both worked closely during their time as governors and shared similar…
This donation fulfills the promise made by the State Governor, Senator Bala Abdulkadir Mohammed, when…
This website uses cookies.