Tinubu's Executive Orders Save Businesses from Collapse
The Nigerian Employers' Consultative Association (NECA) has said that President Bola Tinubu's new Executive Orders have prevented many organized businesses in Nigeria from going into extinction.
NECA's Director General, Adewale-Smatt Oyerinde, made the disclosure in an interview with Channels Television on Sunday. He said that the Executive Orders, which suspended the 2023 Finance Act and the implementation of arbitrary taxes, had given businesses a temporary reprieve and allowed them to engage the government constructively on the matter.
“The four executive orders of President Bola Ahmed Tinubu have stopped the organized business from extinction,” Oyerinde said. “It did not stop the whole issue but temporarily stopped the business economy from sliding. It has allowed businesses to engage the government on the matter constructively. For now, it will stop the slide of many businesses, especially Small and Medium Enterprises.”
Oyerinde also noted that Tinubu had set up a committee headed by Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, to develop better tax reforms nationwide.
“We are happy that the government has listened to our concerns and taken these steps,” Oyerinde said. “We hope that the committee will come up with a comprehensive tax reform that will be fair to all businesses.”
The Executive Orders are a welcome relief for businesses in Nigeria, which have been struggling under the weight of heavy taxation. The orders will give businesses some breathing room and allow them to focus on their core activities. It is also a positive sign that the government is willing to listen to the concerns of businesses and take steps to address them.
