The Nigeria Economic Summit Group, NESG, has charged the National Assembly to amend the Nigeria Tax Act 2015, the Petroleum Industry Act, PIA, and the Electricity Acts 2023, and some other laws to enhance the business environment in the country.

This followed a presentation in Abuja, yesterday, of a policy brief on Priority Legislative Actions to foster an enabling business environment in Nigeria.

The document is the product of a research undertaken by the Ernest Shonekan Centre for Legislative Reforms and Economic Development, which is a subsidiary of NESG.

According to the report presented by the Lead Consultant, Dr. Shola Omoju, other laws requiring immediate amendment include the Nigerian Oil and Gas Content Development Act 2010; Environmental Impact Assessment Act; Gas Flaring Prohibition and Punishment (Amendment) Bill; and Banks and Other Financial Institutions, BOFIA, Act.

On the Nigeria Tax Act, the group said: “The definition of small businesses in the Act should be aligned with the definitions in the CAMA Act. This is important, given that small businesses contribute to gross domestic product, GDP, employment and exports.

“Also, Section 20(4) of the Nigeria Tax Act should be amended to allow businesses deduct expenses incurred in foreign currency, converted at the official exchange rate published by the Central Bank of Nigeria, CBN, or any other approved channels.

“This will help to ensure that businesses that source foreign exchange from other official channels at higher rates are able to fully recoup their expenses.

“Also, the compliance costs, data privacy, and cybersecurity issues that may be associated with implementation of digital fiscal tools as provided for in Section 157 of the Nigeria Tax Act, especially on micro, small and medium-scale enterprises, MSMEs, should be examined to prevent inhibitive costs to their operations.”

Electricity, PIA