The Nigeria Employers Consultative Association (NECA) has urged the federal government to suspend the implementation of its proposed tariff increases in the manufacturing sector.
In a statement issued in Lagos on Sunday, its Director-General, Adewale-Smatt Oyerinde, also called for the reversal of the 2023 Fiscal Policy Measures (FPM).
He advised the government to revert to the 2022 FPM roadmap designed to lapse in 2024.
The approved 2023 FPM includes Supplementary Protection Measures for the implementation of the ECOWAS Common External Tariff (2022 – 2026).
It includes increased excise duty on alcoholic beverages, cigarettes and tobacco products; introduction of excise duty on single-use plastics and Import Adjustment Tax levy on vehicles of 2000 cc and above.
Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed confirmed President Muhammadu Buhari’s approval of the 2023 FPM on May 12.
NECA stated, however, that the newly-introduced FPM and tariff increases were…