Business
2023 Fiscal Policy Measures: New Taxes’ll Kill Industries — MAN
Published
4 weeks agoon
By
Editor
The Manufacturers Association of Nigeria (MAN) has warned that the newly released 2023 fiscal policy measures (FPM) will lead to industry recession, capacity underutilisation, and layoffs of workers.
Director General, MAN, Segun Ajayi-Kadir, said this yesterday in reaction to the new FPM recently released by the Federal Ministry of Finance, Budget and National Planning, following the approval by President Muhammadu Buhari.
He stated: “The increases in excise tax for 2023 and 2024 as provisioned in the said 2023 fiscal policy came as a surprise to us because, as a major stakeholder, MAN had actively participated in the deliberations on the proposal and presented various positions from its members across all sectors, especially those directly impacted by the proposed measures.”
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Ajayi-Kadir recalled that at a meeting held with the Minister of Finance, Budget and National Planning on 29th March, 2023, MAN representatives were informed that the 2023 proposals on additional excise tax increases were being stepped down until further consultations on the 2023 Finance Bill.
According to him, based on the decision reached at the meeting, “MAN members had finalized their annual strategies and projections while exporting members had concluded pricing negotiations for orders to the end of fiscal period, on the strength of the agreed excise roadmap and recent assurance from the fiscal authority”.
He further stated: “It is worrisome that the current situation is indicative of inconsistency in government policy, given that industries that are affected by excise tax administration, already made 3-year strategic plans based on the agreed calendar as scheduled in the roadmap including domestic and export sales prices, revenue and volume projections, tax burden calculations, etc.
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“This in our opinion may create credibility issues for the country with existing and potential investors, impacting Foreign Direct Investments (FDI) and the country’s Ease of Doing Business index among other implications.
“We are again emphasising the fact that the proposed increase in the recently released 2023 guidelines i.e., on Beer, Wines and Spirits, Tobacco, has the potential to trigger unprecedented distortions in the affected industries as well as the entire manufacturing sector.
“The policy is capable of producing a negative effect on investments with a huge consequence on job retention in these industries.
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“We therefore strongly recommend that the government should maintain the status quo regarding the already government-approved excise duty increases on these items in the 3-year Roadmap as contained in the 2022 FPM.”
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Business
BREAKING: NNPCL Confirms Increase In Fuel Pump Price
Published
2 hours agoon
May 31, 2023By
Editor
The Nigerian Petroleum Company Limited (NNPC) has confirmed the adjustment of the pump price of PPM across its retail outlets, citing that the decision was hinged on the current market realities.
Recall report earlier had that the downstream sector of Nigeria’s petroleum industry was thrown into confusion as a document puts the retail price of petrol at over N500 per litre.
The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.
READ ALSO: BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre
Details soon…
Business
BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre
Published
3 hours agoon
May 31, 2023By
Editor
The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre.
The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.
The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, did not respond when Vanguard called repeatedly for confirmation.
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But an oil marketer, who pleaded anonymity, dismissed it as fake, adding: “How can any credible business base its pricing on an obviously fake random list circulating on social media?”
Business
Fuel Subsidy Gulped $10bn In 2022 – Shettima
Published
21 hours agoon
May 30, 2023By
Editor
Vice President Kashim Shettima has revealed that $10 billion was spent by the immediate past administration of Muhammadu Buhari subsidizing fuel in 2022.
He said the current administration was bent on exiting fuel subsidy because of its negative implications for the country as a whole.
Shettima reiterated his principal’s position on Tuesday, while reporting for duties on his first day in office at the Presidential Villa Abuja.
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He said the current administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.
His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.
“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.
“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.
“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’

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