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President Bola Ahmed Tinubu has signed four executive orders to address the multitude of taxes, business-unfriendly fiscal policy measures, and his vow to place Nigerians at the center of government initiatives.
This was revealed on Thursday while Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, briefed State House reporters at the Presidential Villa in Abuja.
The president's actions, according to him, are intended to resolve the main issues that industry and other stakeholders have with the recent tax reforms.
He claims that the first one is the Finance Act (effective date variation) Order, 2023, which has moved the start date of the changes made by the Act from May 23, 2023 to September 1, 2023 in order to ensure compliance with the National Tax Policy's requirement for a minimum of 90 days' advance notice for tax changes.
The second is the Customs, Excise Tariff (Variation) Amendment Order, 2023, which likewise moved the start date of the tax revisions from March 27, 2023 to August 1, 2023, in accordance with the National Tax Policy.
Also, the President mandated the cessation of the Import Tax Adjustment Levy on a selection of cars.
Finally, according to Alake, the President issued an order suspending the 5% Excise Tax on Telecommunication Services and the Excise Duty Escalation on Locally Manufactured Goods.
In addition, he claimed that the President had directed the suspension of the recently enacted Green Tax via Excise Tax on Single Use Plastics, including plastic bottles and containers.
The president will not make matters worse for Nigerians, according to the presidential spokesman, who claimed that Tinubu issued these directives to lessen the adverse effects of the tax changes on businesses and their chokehold on households across all affected sectors.
"The President wants to reaffirm his commitment to looking into complaints about excessive municipal, state, and federal taxes. The federal government views local and foreign investors, business owners, and entrepreneurs as essential forces in its focus on boosting GDP growth and significantly lowering the unemployment rate through job creation.
Hence, the government will continue to provide the necessary stimulus through benevolent policies to enable enterprises to thrive in the nation. President Bola Tinubu wants to reassure Nigerians, whose mandate put him in office, that no new tax increases will be made without thorough and thorough consultations conducted within the framework of a cogent fiscal policy framework.
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