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Private sector fears employment misfortunes, firms' conclusion over arranged duties, taxes

 Private sector fears employment misfortunes, firms' conclusion over arranged duties, taxes



The Organised Private Sector of Nigeria, comprising the Manufacturers’ Association of Nigeria and the Nigeria Employers’ Consultative Association, among others, has expressed its opposition to any attempts by the Federal Government and other tiers of government to introduce new taxes or levies.

The Minister of Finance, Budget and National Budget, Mrs Zainab Ahmed, had on Monday said the ministry “is closely studying” the possibility of introducing new taxes, tariffs and levies as part of measures to shore up government revenue.

 Private sector fears employment misfortunes, firms' conclusion over arranged duties, taxes


But the OPSN said the introduction of new taxes or levies by the federal, state and local governments would lead to an upsurge in the country’s unemployment rate with its attendant socio-economic consequences as it could trigger job losses and companies’ closure.

The presidents of the OPSN, in a press address on Tuesday on the state of the Nigerian economy and a call for urgent action, commended the various efforts by the government at all levels to return the economy to the path of consistent growth.

 Private sector fears employment misfortunes, firms' conclusion over arranged duties, taxes


In the address, which was delivered by the group’s Chairman, Mr Taiwo Adeniyi, the OPSN said, “While the pressure on revenue continues in the short term, we vehemently oppose any attempt to further burden organised businesses in the guise of new taxes or levies at the three tiers of government.

“Doing so will be counterproductive as this could further stifle the already burdened businesses, most of whom currently operate at less than 50 per cent capacity utilisation. It will also further lead to an upsurge in the unemployment rate with its attendant socio-economic consequences.”

The group called on the National Assembly not to accommodate or insert provisions that could further burden organised businesses into bills presented to it.

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