Experts seek reduction, suspension of taxes to save businesses

Emacroeconomic challenges, XPERTS have urged governRewane listed the issues as ment, at all levels, to sub- optimal and non- inclureduce and, in some cases, sussive growth, increasing pend taxes and l evies income inequality, high imposed on businesses and poverty and unemployment manufacturers, adding that rate, spiraling inflation, the taxes do not add much to widening fiscal imbalances government’s revenue but and worsening FX pressures. pose an enormous burden to On policy changes that must entrepreneurs. be carried out to save busi

Speaking at this year’s econesses and the economy this nomic outlook and budget year, he advocated debt analysis with the theme, rescheduling, an increase of ‘ Building Economic domestic interest rates, effiResilience in 2024: Strategies cient management of money for a Sustainable Future’, Chief supply, efficient FX market, a Executive Officer of Financial cost- reflective electricity tariff, Derivatives Company , petrol subsidy reduction and Bismarck Rewane, said the wage review. economy avoided a recession “Government must get a last year and is poised to grow good grip on our FX and make at 3.3 per cent this year. the FX market more transparHe added that sectors like ent. What is the true state of financial institutions, our foreign reserve? Also, the telecommunications and congovernment must move interstruction have achieved modest rates in a deliberate and erate growth over the nationsequenced manner while al average while sectors like reducing revenue and tax crude petroleum and natural drive, which is not transpargas, oil refining as well as texent. The government said it tile and apparel are in a receshas saved N8 trillion from subsion. sidy removal and revenue

The economic outlook and drive; we are yet to feel how it budget analysis is an annual is being spent to our benefit. event designed to review key Productivity is low; remove policy developments and the bottlenecks in the economacroeconomic performy so it can thrive. No part of mance in the previous year the economy is small and trigand discuss the outlook for gering incentives for MSMES the year ahead, focusing on will result in significant risks and opportunities. changes and improve the

Speaking on Nigeria’s key GDP,” he said.