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The Federal Government, through the Presidential Committee on Fiscal Policy and Tax Reforms, is gearing up for discussions with state governors to suspend certain low-revenue taxes.
These levies, often referred to as “nuisance taxes” by committee Chairman Taiwo Oyedele, have been identified as detrimental to small businesses and counterproductive.
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Oyedele stressed the adverse effects of these taxes on the poor and small businesses, urging states to consider their suspension to alleviate challenges faced by businesses and enhance overall economic productivity. He highlighted ongoing discussions with state governors and the formation of committees to facilitate these dialogues.
This initiative aligns with President Tinubu’s broader economic reforms, including the removal of subsidies and the unpegging of the Nigerian Naira.
The suspension of low-revenue taxes is positioned as a measure to provide immediate relief to businesses, supporting their growth and productivity.
Implementation is expected to follow promptly once discussions with state governors are concluded.
