Tinubu’s new romance with France will have positive impact on Nigeria’s economy – Amao

Otunba Isaac Olaseni Amao is a business leader, real estate consultant and founder of a Non-Governmental Organisation (NGO), Isaac Olaseni Amao Foundation, which is focused on sustainable philanthropic interventions. He was  in Lagos recently where he was conferred with a Doctorate degree in International Relations and Diplomatic Affairs by the University of  Brazil, Campinas. He spoke with OLUDARE RICHRDS on the Tax Reform Bills before the National Assembly, the Tinubu administration’s romance with France and the galloping inflation in the country, among other issues.

Tell us briefly about yourself ?
My name is Otunba  Isaac Olaseni Amao. I am from   Babanloma in Ifelodun Local Government Area of Kwara State. I have  a Bachelor of Science Degree in International Relations and a Master of Science in the same discipline. I am the Chairman/Chief Executive of the Enox-ville Properties Limited, a fast growing real estate company in Abuja. I am also the President of Isaac Amao Foundation, a non-government  organisation.

How do you feel  being honoured  by the prestigious University of Brazil, Campinas?
It was indeed a great honour to be conferred with an Honorary Doctorate Degree in International Relations and Diplomatic Affairs. It will  encourage me to strive to work much harder.

What is the vision  behind the establishment of Isaac Amao Foundation?
The Isaac Amao Foundation was established to support Nigerians  to thrive and become productive individuals. It is a non-governmental, non-profit, and non-political organisation. It was founded on August 15, 2014, with a singular  purpose of supporting others. My passion for people’s empowerment, good governance, and Information and Communication Technology (ICT) was pivotal to founding the Isaac Amao Foundation.

The foundation has a mission to create and add value to Nigerians through empowerment programmes and services that make them self-reliant and productive citizens. It has a vision of  a Nigeria where youths and women have potential for self-development and actualisation.

What measures do you think the government can take to ameliorate the economic hardship in the country?
The government needs to look into several issues which include reducing inflation by a mix of monetary, fiscal, and trade policies; restoring macroeconomic stability by increasing non-oil revenue; protecting the poor and vulnerable through social protection; encouraging local businesses by providing facilities to fund them and patronising locally made goods, among others.

As a man conversant  with diplomatic affairs, how do you see President Bola Tinubu’s recent romance with France which most of our West African neighbours are distancing themselves from?
President Tinubu’s visit to France signals Nigeria’s readiness for investment to drive economic growth. It’s a strategic move to attract foreign investors and also empower our economic ties with European States. At this stage Nigeria needs more friends than enemies. It is important to note that the French President  visited Nigeria during former president Buhari’s administration. Shortly after, I observed there was an increase in trade between Nigeria and France. I want to believe that the result of this romance shall bring forth fruits in months to come.

The recent Tax Reform Bills presented to the National Assembly by President Bola Ahmed Tinubu has been generating criticisms. What is your position on the matter?
Taxation is an indisputable tool for governments globally to raise revenue and boost economic development. Generally, the Nigerian tax system  has been bedeviled by a low level of voluntary tax compliance. Consequently, the government over time embarked on various tax reforms to ensure maximum performance of the tax system for better economic outcomes.

The current administration decided to reform the tax system and proposed Revenue Reform Bills 2024 to the National Assembly. The stated objectives of these bills are to expand Nigeria’s tax base, improve compliance and establish a sustainable revenue base for the nation’s development. On one hand the bill can potentially increase government’s revenue, which will have a trickle down effect on the economy through increased funding for public goods and services such as infrastructure, education and healthcare. On the other hand, some of these provisions may have a negative impact on businesses and individuals if not adequately controlled and  redrafted.

To reduce the incessant security challenges in the country, would you support the establishment of State Police?
The need for state policing in Nigeria is long overdue. The agitation has been on the front burner since the Fourth Republic till today. There have been flip-flop discussions around its creation, and members of the National Assembly have raised their concerns. State policing is considered necessary in Nigeria to address security challenges, improve governance, and increase accountability.

Many prominent Nigerians  are  calling on the government to reduce the cost of governance. What is your take on this?
Yes, Nigeria needs to cut down on government expenses, and there are a number of ways to do so. These include merging many Ministries, Departments and Agencies (MDAs) having similar functions and then limiting political appointees. For example, the number of officials traveling with the President, Vice President, First Lady and wife of the Vice President can be reduced. The government can stop providing houses and vehicles to officials whose allowances are already monetised. Government should discourage wasteful spending.

Other measures to be taken is by scrutinising the budget to eliminate unnecessary or duplicated expenditures. Cutting government spending can also help to promote economic stability, enhance public trust, and strengthen anti-corruption efforts.

According to the UN report, 26 million Nigerians are hungry. What measures do you think the present administration should take to ensure food security in Nigeria?
Nigeria can address food insecurity through a variety of solutions. These include investing  in sustainable agricultural practices such as climate-smart agriculture and diversifying agricultural production. Improving agricultural infrastructure, including irrigation systems, storage facilities, transportation networks, and processing plants. Encouraging and supporting smallholder farmers. The government should also implement social safety net programmes such as cash transfers and food subsidies to help vulnerable Nigerians. Among others, the government should provide adequate food processing techniques to prevent wastage,
provide modern farming tools and equipment and regulate the price of food products.

Many Nigerian professionals are leaving Nigeria for foreign  countries in what has been tagged ‘Japa syndrome’. What do you think the government should do to discourage this trend?
The Nigerian government needs to look into improving our educational system at all levels and incorporating digital literacy and technical skills into our curriculum. The government can also improve and encourage skills acquisition, provide job opportunities and create an enabling working environment; encourage entrepreneurship, address insecurity, reduce bureaucracy and strengthen the purchasing power of the naira.

Foreign investors are also  leaving Nigeria in droves because of the high cost of doing business.

What measures do you think the government can adopt to check this unhealthy trend?
Foreign Direct Investment (FDI) plays a vital role in the economic development of any nation. In Nigeria, FDI has been one of the essential sources of capital for economic growth, job creation, and technology transfer. However, recent data from the National Bureau of Statistics shows that the country faces a significant challenge in attracting and sustaining foreign investments, especially in sectors critical to long-term development. The government should consider more targeted incentives encouraging investment in specific sectors, particularly those with high growth potential, such as renewable energy, manufacturing, and technology.

Many Nigerian youths  believe  in getting rich quickly thereby dabbling in cybercrimes and ritualistic activities. What’s your advice to Nigerian youths?
I will encourage our youths to be patient, hard working, and to learn the right principles.

Nothing comes easy in life. Every shortcut comes with a ransom, hence the need to avoid fast wealth. Nigerian youths should imbibe the fear of God as a pathway to successful living. I also want to encourage our spiritual leaders to openly condemn all kinds of evil doings. The government too should help provide jobs for our youths.

Who is your mentor or role model?
My mentor is Dr. Mike Omotosho of blessed memory.

What is your guiding philosophy?
My guiding philosophy in life is premised on the biblical injunction: Do unto others what you want them to do to you.