Federal Government has been advised to suspend the implementation of its proposed tariff increase in the manufacturing sector.
Director-General, Nigeria Employers Consultative Association, NECA, Adewale-Smart Oyerinde, who made the call in a statement in Lagos, also advocates the reversal of the 2023 Fiscal Policy Measures, FPM. He also advised the Government to revert to the 2022 FPM roadmap designed to lapse in 2024.
The newly-introduced FPM and tariff increase were not only worrisome, but also landmines for businesses in the affected sectors.
The Director-General stressed that the proposed increases, if implemented, could aggravate smuggling and stifle growth of businesses in affected sectors.
Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed confirmed President Muhammadu Buhari’s approval of the 2023 FPM on May 12.