The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed its support for the suspension of the five percent Excise Tax on telecommunication services and the escalation of Excise Duty on locally manufactured products. NACCIMA believes that this decision will alleviate the undue burden on Nigerian businesses.
In response to the tax changes, Dele Kelvin Oye, the National President of NACCIMA, stated, “We appreciate the administration’s commitment to ensuring that Nigerian businesses are not unduly burdened by unfavorable policies.” Oye further acknowledged that while the tax changes aimed to generate revenue and address public health and environmental concerns, the lack of adequate notice and clarity in their implementation has posed significant challenges for affected businesses. These challenges include rising costs, declining profit margins, and underutilized capacities.
NACCIMA commends President Bola Ahmed Tinubu for signing executive orders to defer the implementation of the tax changes outlined in the Finance Act and Customs, Excise Tariff (Variation) Amendment Order. The organization also supports the suspension of the five percent Excise Tax on telecommunication services, the escalation of Excise Duties 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.
The association urges the federal government to continue engaging with stakeholders and implementing business-friendly policies that promote sustainable economic growth. NACCIMA firmly believes that the private sector plays a vital role in achieving the government’s objectives of higher GDP growth and reducing unemployment rates through job creation.
