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Private sector calls on Nigerian govt to suspend proposed new taxes



The Organised Private Sector (OPS) has appealed to the Federal Government to halt the implementation of proposed new taxes, stating that businesses are currently struggling to survive.

The federal government is looking at introducing set of taxes on various items, including beer, imported vehicles, and single-use plastics in the coming months.

OPS warned that if these new taxes are put into effect, it would lead to negative consequences such as increased unemployment rates, smuggling, reduced foreign direct investment (FDI), decreased purchasing power of Nigerians, and relocation of businesses to other countries.

In a statement issued on Monday by the Nigeria Employers’ Consultative Association (NECA), OPS argued that the government should adhere to the previously agreed road-map for policy consistency.

Read Also:Nigerian govt earns N155.58bn tax payments from 10 banks

The group called on Organised Labour to advocate for a favorable business environment to create wealth for the collective good of all. OPS also urged the government to focus on up-skilling, innovation, and enhanced professionalism in light of the rapidly changing workplace.

The statement emphasized the need for a hospitable, peaceful, and productive environment for equitable distribution of wealth and social justice. OPS called on the government to reconsider its adherence to fiscal discipline to avoid endangering the fragile growth of the economy with tax burdens.

The OPS made these appeals on the occasion of International Workers’ Day, which celebrates the contributions of workers to the economy and social justice.

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