Nigeria’s president announces measures to boost economy
President Bola Ahmed Tinubu [Presidency]
Suspension of excise taxes on telecom services and locally produced goods
Scrapping of fuel subsidy that cost the state $10 billion last year
Overhaul of Nigeria’s inadequate power industry and promise of a business-friendly environment.
Nigeria’s President Bola Tinubu has recently announced a series of changes aimed at boosting the country’s economy. One of these changes involved the suspension of excise taxes on telecommunications services and locally produced goods that were introduced just two months ago.
The move was made to address “business unfriendly fiscal policy measures and multiplicity of taxes,” according to a statement by his spokesman, Dele Alake.
This announcement comes as part of a slew of measures introduced by Tinubu to revive Africa’s biggest economy from almost a decade of torpor. Among other things, Tinubu has scrapped a fuel subsidy that cost the state $10 billion last year, suspended the nation’s controversial central bank governor, devalued the naira, and initiated an overhaul of Nigeria’s chronically inadequate power industry.
Tinubu has promised to run a government that will not make life difficult for Nigerians or asphyxiate corporate entities. These changes are expected to improve the country’s economic outlook and create a more business-friendly environment.
Africa.businessinsider.com
