The Federal Government, through the Presidential Committee on Fiscal Policy and Tax Reforms, is set to engage state governors in discussions aimed at suspending certain low-revenue taxes. Described as “nuisance taxes” by committee Chairman Taiwo Oyedele, these levies adversely impact small businesses and are seen as counterproductive.
Oyedele emphasized the negative impact of such taxes on the poor and small businesses, urging states to suspend them to alleviate challenges faced by businesses and enhance economic productivity. He mentioned ongoing discussions with state governors and the formation of committees to facilitate these dialogues.
The move aligns with President Tinubu’s broader economic reforms, which include the removal of subsidies and the unpegging of the Nigerian Naira. The suspension of low-revenue taxes is seen as a measure to provide immediate relief to businesses, supporting their growth and productivity. The implementation is expected to follow promptly once discussions with state governors are concluded.
