President Bola Tinubu of Nigeria has announced a number of reforms intended to strengthen the economy of the nation.
One of the adjustments includes the suspension of excise duties on domestically produced goods and telecommunications services, which had only been implemented two months earlier.
His spokesman, Dele Alake, said the action was taken to address “business unfriendly fiscal policy measures and multiplicity of taxes.
“This declaration is just one of many policies the president has put in place to pull Africa’s largest economy out of its nearly ten-year slumber.
Among other things, he has suspended the controversial central bank governor of the country, depreciated the currency, and started a reform of Nigeria’s extremely deficient electricity sector.
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President Tinubu has vowed to lead a government that won’t make things tough for Nigerians or suffocate business interests. These adjustments are expected to boost the nation’s economic outlook and foster a more welcoming climate for business.
In addition to that, he has approved the establishment of the presidential Committee on Fiscal Policy and Tax Reforms which will comprise of experts from both the public and the private sector.
The committee will be tasked with the responsibility of fiscal policy design and coordination, harmonization of taxes, tax law reforms and revenue administration.
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The president began making reforms in the country that would restore Africa’s largest economy on his first day in office by scrapping off fuel subsidies that cost the country Ksh1.4 trillion last year.
