The Director-General of the association, Mr Segun Ajayi-Kadir, made the remarks in Lagos, in spite of the rebuttal from the Federal Inland Revenue Service on the issue.
“This can send the wrong signals that the government is insensitive to the plights of the low- and middle-income earners, who are clearly in the majority. He also advised the government to continue to ramp-up support for the manufacturing sector in the best interest of the over 200 million Nigerians. “MAN as a strategic stakeholder in the nation’s development agenda, appreciates the need for government to generate more revenue to fund its developmental initiatives amidst declining revenue from oil.
“The prevailing high lending rate, double-digit inflation, low per capita income, high unemployment rate and a low 1.91 per cent growth rate, amidst 2.6 per cent population growth rate that are already cumulatively limiting competitiveness, can be further worsened. In addition, he said the fact that many states of the federation also had other consumption taxes like VAT currently being levied on businesses should call for circumspection.
Ajayi-Kadir proposed that an ideal tax policy should be such that took into cognisance, the status of the economy.
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