Business
Manufacturers Tells FG To Widen Tax Net, Not Increments On tax-burdened industries
The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to focus on expanding its tax base by capturing a substantial number of taxable individuals and businesses that are not in the tax net into the fold, rather than the pursuit of tax increments on already tax-burdened industries.
The Manufacturers made the call in response to President Bola Ahmed Tinubu’s recent suspension of tax increments in the 2023 fiscal policy measures by the former President Muhammadu Buhari, during the tail end of his administration.
President Tinubu
said that the suspension was to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
Segun Ajayi-Kadir, the Director-General of MAN, conveyed the manufacturers gratitude to President Tinubu, said although the suspension is welcomed, yet it is advisable that the government focuses on expanding the tax base by developing a strategic framework that will bring a substantial number of taxable individuals and businesses rather than the pursuit of tax increments on already tax-burdened industries.
” The pursuit of tax increments on already tax-burdened industries is inimical to the growth of the manufacturing sector and not in the overall interest of the citizens who are the ultimate consumers.”
He said that while realising that the Federal Government needs funds, the tax increments policy is an additional burden too high to bear, as we were also struggling with low patronage, high borrowing cost, and huge energy costs in a highly inflationary environment.
It is therefore worthy of commendation that the President Bola Ahmed Tinubu took due and far-sighted notice and consideration of the concerns.
Manufacturers in the affected sector are pleased and we can now reconnect with our projections and plans made in the beginning of the year.
We expect that the Customs Service will now stand down the requirements for compliance with the excise escalation and the registration for the green tax.
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Business
NPA initiate trucks movement code to ease traffic at Lagos ports
The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.
The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.
The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.
In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.
Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.
According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
Business
Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.
However, she emphasised that Nigeria must sustain broader macroeconomic reforms.
“Nigerians have to feel the dividends of reform in the real economy,” she added.
The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.
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