Abdullahi Hashim, Managing Director of Cubical Vertex Solutions Limited and a former official in Public-Private Partnerships, discusses his perspective on the proposed tax reforms in Nigeria, the challenges facing the country’s infrastructure, and the importance of private sector involvement.
Hashim views the proposed tax reform bills as ambitious and necessary. Drawing parallels with global tax reform movements, such as Singapore’s in 2023 and the OECD’s efforts, he argues that Nigeria’s outdated tax system needs an overhaul to align with global practices. He emphasizes the importance of consensus, noting that while the tax system needs reform, it should reflect Nigeria’s local realities and ensure fairness, especially regarding purchasing power and economic leakages. He suggests that tax concessions may be a useful tool to support businesses in sectors like road construction and infrastructure development.
Hashim acknowledges that public awareness of the tax reform bills is low, with many people not having the time or resources to engage with such complex bills. He believes that there should be more public enlightenment to address this gap and overcome resistance. Hashim also defends the president’s reform efforts, countering criticisms that the bills would only benefit Lagos State.
Hashim supports the inauguration of the Port-Harcourt and Warri refineries, calling them milestones for Nigeria’s local refining capacity. He also advocates for private sector participation in refinery operations, pointing out that private entities are incentivized to maintain efficiency and make the most of their investments.
Regarding housing, Hashim stresses that building collapses are primarily due to poor enforcement of regulations and substandard materials. He advocates for better collaboration between regulatory bodies, such as the Standard Organisation of Nigeria and the Consumer Protection Agency, to ensure that only quality materials are used. Additionally, he points out that COREN (Council for the Regulation of Engineering) should be more proactive in engaging with the government and addressing housing challenges, emphasizing the need for strategic approaches to lobbying for change.
Hashim concurs that housing in Nigeria is overpriced, citing rising costs of materials and population growth as contributing factors. He suggests that market regulation and consumer protection mechanisms need to be strengthened to address the issue.
