The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has directed the Securities and Exchange Commission to marshal out a saving policy that would encourage citizens of all economic standing to actively participate in Nigerian capital market as a means of unlocking the potentials of the market.
The minister, who made the disclosure on Thursday when the Management of the Nigerian Exchange Limited, led by its Chief Executive Officer, Mr Timi Popoola, paid her a courtesy call in her office, commended the Exchange for efforts to deepen the Nigerian capital market.
While acknowledging the commitment of the Management, culminating in the demutualization of the exchange, Mrs Ahmed called on the Management to leverage on technology and innovations which could ease the processes of trading on the exchange and ensure that ordinary citizens could participate in the capital market.
Permanent Secretary in the ministry, Aliyu Ahmed, while congratulating Mr Popoola on his appointment, urged the Exchange to work towards improving the exchange for the benefit of investors and the market. While assuring the Minister of the Exchange’s support to this administration’s effort in making Nigeria a destination for foreign investment as well as attracting investors, Mr Popoola sought for a reduction on Company Income Tax (CIT), from 25 to 20%, among others, arguing that these would ultimately attract more taxes to government.
Popoola assured that the Exchange will continue to support the fiscal policy of the ministry, adding that it will willingly serve on the committee of the 2021 Finance Bill. On the request for a reduction of various taxes relating to the capital market, the Minster declared that such requests would be treated on their individual merits, stating that the requests had come at appropriate time when the Ministry was working on the 2021 Finance Bill.
