In an effort to lower business expenses in the largest economy in Africa, Nigerian President Bola Ahmed Tinubu has ordered the suspension of two recently enacted taxes; a 10% tax on single-use plastics and an excise levy on some domestically produced goods.
According to official figures, Nigeria is one of the greatest plastic polluters on the continent, producing around 2.5 million tonnes of plastic garbage each year, some of which ends up in the ocean.
Dele Alake claimed that Tinubu issued executive orders suspending the March-introduced green tax on single-use plastics, including as plastic bottles and containers.
The orders also prevented an increase in car import charge and excise duty on specific locally produced goods, as well as the execution of a 5% telecoms tax that had been first proposed by the previous administration.
“As a listening leader, the president issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors,” Alake told reporters.
In an effort to stimulate sluggish economy, Tinubu, who assumed office in May, has launched Nigeria’s most ambitious reform agenda in decades. These initiatives include the elimination of a well-liked gasoline subsidy and limitations on foreign exchange trading.
Alake added that Tinubu will promote business-friendly measures and promised that there wouldn’t be any additional tax increases without more extensive consultations.
