Close Menu
The State Affairs
    Facebook X (Twitter) Instagram
    The State Affairs
    Facebook X (Twitter) Instagram
    The State Affairs
    Home » Why Tinubu’s inconsistent policies affecting businesses – Peter Obi laments
    Business

    Why Tinubu’s inconsistent policies affecting businesses – Peter Obi laments

    Editor-in-chiefBy Editor-in-chiefFebruary 21, 2024No Comments2 Mins Read
    Facebook WhatsApp Twitter Email LinkedIn
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp
    908.0kViews
    114593 Shares Share on Facebook Share on Twitter

    National leader of the Labour Party (LP), Peter Obi has called on President Bola Tinubu-led federal government to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country.

    Obi, in a post on Tuesday via his verified X handle, opined “such arbitrary charges will obviously lead to further closure of businesses, and attendant job losses”.

    His words; “I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country.

    “The federal government should stop the arbitrary and ever-increasing customs duties as it is now negatively impacting businesses and the cost of items, and this portends a huge danger to the economy.

    “A situation where at the point of initiating importation, Form M and other documents related to importation are based on a particular rate of exchange, for example, N1000 to $1, being the prevailing exchange rate at the time which the importer of goods was used to calculate the entire process, from the import initiation to receipt of goods in his warehouse. Then suddenly when the goods arrive in Nigeria, and duties are calculated at different rates, say N1400 to $1, it becomes a serious business challenge that results in business losses. Worse still, it directly fuels the inflationary spike which is the basis of increasing cost of goods and living.

    “Such arbitrary charges will obviously lead to further closure of businesses, and attendant job losses. This is because at the time of the initiation of the business, calculations, including duties, have been made based on the prevailing exchange rate, and the prevailing market prices. If this situation is not corrected, our importers may resort to using ports of nearby countries, a situation that will leave our ports under-productive, and further deepen our economy into a worse situation as a result of loss of revenue.

    “The government should also show consistency in its policies as this will help with economic forecasting and business planning. Businesses are dying and manufacturers are shutting down because of the poor and inconsistent economic policies of the government.

    “All efforts of the government should be directed at supporting businesses, especially those in the manufacturing sector, to keep their businesses afloat and keep the economy growing, as the small business sector remains the most critical engine of economic growth.

     

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleDespite FG’s Clampdown: Dollar Hits N1,900; Pound, N2,250
    Next Article JUST IN: FG Raises Exchange rate for cargo to N1,605/$ After Countless Times of Upward Review
    Editor-in-chief

    Related Posts

    Naira tumbles at official, parallel market windows

    March 6, 2024

    JUST IN: Cement Sells For N11,000 In Lagos

    February 24, 2024

    Nigeria As President Tinubu’s “Jogbo”.

    February 22, 2024

    JUST IN: FG Raises Exchange rate for cargo to N1,605/$ After Countless Times of Upward Review

    February 21, 2024
    Add A Comment

    Leave A Reply Cancel Reply

    © 2025 The State Affairs. Designed by Samtech Media.

    Type above and press Enter to search. Press Esc to cancel.