MULTIPLE TAXATION CRIPPLING NIGERIAN BUSINESSES -EXPERTS 20-11-24
By Sadiq Aminu Management sciences experts have identified multiple taxation as a major challenge bedevilling businesses and manufacturing industry in the face of Nigeria’s current economic reforms.
Speaking at the 2024 annual public lecture of the faculty of Management Sciences of the University of Ilorin, titled, Government Economic Policies: Prospects, Challenges, and the way Forward for Businesses and Households, the experts in academic and businesses, said that multiple taxation has stifled growth of businesses in Nigeria.
In his presentation the general manager of Kam Industries, Abdulfatah Adeyemi, urged government to streamline issue of taxation to enable businesses make profit and give adequate taxes to both the state and federal government.
He explained that the issue of multiple taxation has not allowed businesses to grow in Nigeria.
Adeyemo noted that in some countries, businesses that are export proned are given tax incentives and holidays to enable them accrue revenue for the country.
In their separate remarks, Professor Rapheal Gbadeyan and Professor Abubakar Kasum, of the faculty of management sciences, University of Ilorin, said that the way forward to address the nation’s current economic challenges is to strengthen policy consistency and implementation.
The scholars called for clear, transparent, and timely implementation of policies to improve outcomes and build public trust.
They appealed to government to enhance agricultural and industrial productivity by investing in technology, and mechanization to bolster food security as well as industrial output.”