The Chairman, Financial Services Trade Group, Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, (PHCCIMA), Amb. Clement Akanibo has suggested ways President Tinubu’s administration can regulate prices in the country to benefit vulnerable Nigerians in the aftermath of the newly signed Executive Order on taxation.
Nigeria’s President, Bola Tinubu last week announced the suspension of a 5% Excise Tax on Telecommunications services, and the newly introduced Green Tax among others in a bid to tackle multiple taxation in the country.
This got many Nigerians reacting, as some worry about the impact on the prices of commodities and services especially for end-users.
In an interview on Nigeria Info’s Morning Crossfire, Akanibo commended the economic reforms of the Tinubu-led administration since it assumed office barely two-month ago but, however, advised that the government firm up price regulation.
He also called for tax holidays, reductions in multiple taxation, and transparency in tax administration driven by technology. Akanibo stressed that this will reduce the impact on vulnerable Nigerians who risk exploitation due to an irregular tax system.