The Federal Government says it is taking steps to tackle issues regarding stamp duties collection and the extension of the VAT exemption on capital market transactions.
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The Vice President, Prof. Yemi Osibanjo, stated this while speaking at the Awards Night of the Association of Issuing Houses of Nigeria in Lagos.
VAT charges on transactions in the capital market were suspended in 2014 by then Minister of Finance, Dr Ngozi Okonjo-Iweala, to encourage increased trading activities in the market.
That waiver ended on July 24, 2019 with stakeholders clamouring for an extension.
Osibanjo, who was represented by the acting Director-General, Securities and Exchange Commission, Ms Mary Uduk, said these and other issues were being addressed and that a resolution would be announced very soon.
He said, “We have commenced work on other aspects of the Capital Market Master Plan Implementation Council’s requests that require government intervention.
“We will be collaborating with many of you in the capital market community to successfully address them. My office is actually represented on the CAMMIC. I will, therefore, be receiving periodic reports on suggestions to further strengthen our support of your efforts and the market as a whole.
“We all desire a capital market that will broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.”
Osinbajo commended SEC, CAMMIC and the capital market community for the laudable accomplishments so far recorded in the implementation of the master plan, especially in the areas of dematerialisation of share certificates,
He described the capital market as essential and key to achieving the economic goals of the current administration as enshrined in the Economic Recovery and Growth Plan, saying the administration had worked hard to ensure a stable macroeconomic environment, which was necessary to attract and sustain investment needed to propel the economy forward.
Osinbajo said, “We see the capital market as an important driver of our growth agenda and we will continue to collaborate with the capital market community to support its efforts to positioning our market to where it should be.
“This administration, and especially my office, has supported the 10-year Capital Market Master Plan implementation initiatives since inception in 2015.
“The AIHN is an important player in the Nigerian capital market and I commend its members for directly contributing to the economy by aggregating the much-needed funding to support entities in the private and public sectors.”
Osinbajo noted that there was a need for the government and the private sector to continue to work together to create sustainable businesses and provide the necessary jobs for the teeming youths.
He noted that the ERGP of President Muhammadu Buhari’s administration recognised critical sectors for financing to include agriculture, infrastructure, power and SMEs, but added that the government could not do it alone.
According to him, government must evolve from an omnibus provider of citizens’ needs into a force for eliminating the blockages that restrict innovation and market-based solutions.
Osinbajo stated that the government had collaborated with the capital market community, and particularly with members of the AIHN, in structuring novel arrangements to fund infrastructure development through instruments such as the FGN Sukuk Bond, FGN Green Bond, Infrastructure Funds as well as the planned trading of tax credit instruments.
He said, “Therefore, as you chart the course of the capital market for the next four years, I assure you of this administration’s support and I look forward to working with you and other stakeholders in the financial system to actualise a vibrant economy of our dreams.”
The President, AIHN, Mr Chuka Eseka, expressed the need for the private sector and the capital market to play driving roles in achieving economic prosperity and development while partnering with the government at all levels.
He emphasised the need for market operator role in the financial system value chain to be strengthened to enable the capital market to deliver on its role as a catalyst of economic growth.
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