Respite for Businesses As Nigerian Govt Eases Throttle on Taxes

In a bid to alleviate the tax burden on Nigerians and their businesses, President Bola Tinubu has signed four executive orders suspending some taxes. The new policy was made in response to concerns raised by manufacturers and other stakeholders regarding recent tax changes.

Special Adviser to the President on Special Duties, Communications, and Strategy, Dele Alake, made this known while speaking with newsmen at the State House, Abuja. This move, he explained, was in line with President Tinubu’s pledge during his inauguration on May 29, 2023, to address business unfriendly fiscal policy measures and multiplicity of taxes.

President Tinubu has also suspended the newly introduced Green Tax through Excise Tax on single-use plastics, including plastic containers and bottles. Alake also said Tinubu signed executive orders suspending a green tax on single-use plastics, including plastic containers and bottles, that was introduced in March. Nigeria is one of the biggest plastic polluters on the continent, contributing some 2.5 million tonnes of plastic waste annually, some of which ends up in the sea, official data shows.

The latest action of the President, according to Alake, is part of efforts to address key concerns raised earlier by manufacturers and other stakeholders regarding recent tax changes introduced by former President Muhammadu Buhari.

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