Research group warns FG against over- taxation of imports

THE Maritime Researchers and Authors Association of Nigeria ( MARASSON) has warned that the Federal Government’s dependence on over- taxation of imports would cause low activities at ports and terminals.

The research group said the incessant upward review of the Customs duty exchange rates is abnormal in a sane business environment and was part of its prediction that 2024 would experience hopeless and helpless challenges in international and local trades.

The group, through its National Secretary, MARASSON, Ajanonwu Vincent, warned that in subsequent weeks and months, the ports and terminals will start drying up of cargoes, while importers and agents will start dying out.

The group also warned that the masses will experience greater hardships that might be worse than death, while the economy will dry up with food scarcity, adding that want will hit the masses below the belt with many deaths.

The group called on the Central Bank of Nigeria ( CBN), the Federal Ministry of Finance, the National Assembly and the Presidency to intervene and checkmate the foreseen danger against the nation’s port industry, importers and exporters as well as the masses and the future of the country.

“For the Federal Government to increase customs exchange rate eight times in six months, from over N400 at the beginning of those six months to over N1400 as of date is a sign of desperation to salvage a sinking ship by sacrificing the masses welfare and comfort.

“When a government believes in over- taxation and applies desperate fiscal policies to actualise them to the detriment of the citizens, massive revolt and consequent revolution might not be ruled out. When the masses are hungry, they are angry. When they are angry, they can bet their lives.”