Manufacturers Association of Nigeria (MAN) has urged the federal and state governments to harmonise the multiple taxes being levied on members, as they (taxes) constitute a threat to the growth of businesses.
The association appealed to the Central Bank of Nigeria (CBN) to give directives to commercial banks to reduce interest rates on industrial loans, address the foreign exchange (FX) crisis, and reduce interest on other loans released as COVID-19 palliatives to one percent.
Francis Meshioye, the national president of MAN, and Rahman Bioku, chairman of MAN, Kwara/Kogi states branch, make this remark at the 9th annual general meeting of the association in Ilorin, the state capital, on Tuesday which has the theme “Nigerian tax albatross: Solutions and reforms.”
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Meshioye, identified challenges confronting Nigerian manufacturers to include “the harassment of manufacturers to pay multiple taxes and the collapse of infrastructure, especially roads leading to member factories.
“We are hopeful that the Kwara State government will effectively address these challenges with a view to improving the operating condition of businesses in Kwara State,” he said.
Meshioye, who was represented at the event by Kamoru Yusuf, the vice president of MAN, Southwest zone, cited recent developments brought about by the Federal Government reform measures, pronouncements and policies.
“They include the removal of fuel subsidy, floating of the naira exchange rate and increase in monetary policy rate. In particular, the reversal of the clearly disingenuous escalation of excise rates on some products has made the theme of this meeting, which is “Nigerian tax albatross: Solutions and reforms” apt and timely. It will certainly add to the body of knowledge that will shape the tax ecosystem of Nigeria.”
The MAN president further stated that “the poor performance of the national economy in the last few years, which the federating states are part of, has remained a source of major concern to all.
“Therefore, it has made it imperative for state governments that appreciate the contribution of the real sector in job and wealth creation, to institute a more effective and efficient consultative mechanism with the Manufacturers Association of Nigeria. This is to ensure the sustenance of the existing manufacturing companies and those that are on the verge of collapse under the weight of overwhelming macroeconomic, infrastructural and regulatory challenges,” he stated.
