As reactions continue to trail the Executive Orders signed by President Bola Ahmed Tinubu on Thursday, a Don of Finance and the Capital Market at the Nasarawa State University, Prof. Uche Uwaleke, has said the President’s action would improve Nigeria’s business environment.
In an exclusive the NIGERIAN ANCHOR, also said it would moderate the country’s rising inflation.
Nigeria’s inflation figures currently stand at 22.41% with the World Bank’s Nigerian Development Update report projecting that the rates may hit 25% by the end of 2023.
Analysts have also said severally that the ease of doing business in Nigeria was stifling ventures, especially SMEs.
“The recently signed Executive Orders represent a welcome development as they will no doubt enhance the business environment and consequently improve the country’s ranking in the Ease of Doing Business.
“The suspension of the proposed import tax adjustment levy on certain vehicles and the Excise tax on telecommunications and other locally manufactured products will help to moderate the rising inflation and increase productivity.
“Also, the Finance Act Variation Order 2023 is equal in order to enable taxpayers to adjust to the new provisions in line with the National Tax Policy,” Uwaleke said.
The Don also called for the immediate rollout of palliatives to ease the pains being experienced by Nigerians since fuel subsidy was pronounced ‘gone’ by President Tinubu.
“Much as these developments will help moderate rising inflation, more measures with direct impact on the population need to be put in place in order to significantly ameliorate the adverse consequences of the fuel subsidy removal. These should include the immediate rollout of palliatives promised by the government,” he added.
