In response to President Bola Tinubu's executive orders aimed at curbing arbitrary taxation policies in Nigeria, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) expressed dismay at the lack of clarity in the implementation process, highlighting that this uncertainty has led to escalating costs, declining profit margins, and reduced capacity utilization for businesses.

Urging the Federal Government to foster a conducive environment for businesses, NACCIMA emphasized the importance of engaging with stakeholders and implementing business-friendly policies that promote sustainable economic growth. The private sector's active involvement is seen as vital in achieving the government's objectives of increasing Gross Domestic Product (GDP) and reducing unemployment rates.

During a 'Stakeholder's Sensitization Workshop and Public Presentation of the 2023-2027 Trade and Investment Policies,' organized by the Federal Ministry of Industry, Trade, and Investment (FMITI), Mr. Dele Oye, President of NACCIMA, commended the FG for successfully developing the trade and investment policies. He asserted that the policy document would pave the way for Nigerian businesses and investors to unleash their potential in both local and international markets.

NACCIMA said, “We appreciate the administration’s commitment to ensuring that Nigerian businesses are not unduly burdened by unfavourable policies. We note that the tax changes were intended to raise revenue while addressing important public health and environmental concerns.’’

However, the lack of adequate notice and clarity on the implementation of the changes has resulted in significant challenges for affected businesses, including rising costs, falling margins and capacity under-utilisation.

“We commend the decision by President Tinubu to sign executive orders deferring the commencement of the tax changes as contained in the Finance Act and Customs, Excise Tariff (Variation) Amendment Order. We also support the suspension of the five per cent Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, the Green Tax on Single Use Plastics, including plastic containers and bottles, and the Import Tax Adjustment levy on certain vehicles.”

Oye added, “The policy indeed acknowledges the current challenges and opportunities created by economic globalisation and the need for Nigeria to improve her competitiveness in the global economy.