Inflation: ACCI Urges FG to Streamline Tax Procedures, Implement New

By Adedapo Adesanya

The Abuja Chamber of Commerce and Industry (ACCI) has recommended some decisive measures that the federal government can use to curb the rising inflation in the country. The rate hit a 27-year high of 28.92 per cent in December 2023.

The President of ACCI, Mr Emeka Obegolu, in a statement over the weekend, advocated the implementation of strategic interventions to counter the inflationary trends in the country, which had deepened due to the removal of fuel subsidies and other impediments hindering the smooth conduct of business operations.

According to him, Nigeria’s inflation at 28.92 per cent and food inflation at 33.93 per cent are not ideal for business, urging the government to maintain its pro-business policies aimed at enhancing ease of doing business, which includes streamlining tax procedures, and swift implementation of new minimum wage standards to boost consumer purchasing power.

Others are addressing the prevailing insecurity concerns and ensuring a stable power supply.

According to Mr Obegolu, these measures are anticipated to alleviate the cost of production, ultimately positioning the country as an attractive investment destination.

Mr Obegolu urged the government to fortify the production value chain, particularly in sectors that generated employment opportunities.

He said the livestock sector, especially the dairy industry, can address the long-standing farmer-herder clashes and enhance national security, appealing to the government to attract more foreign investment to bolster the socio-economic welfare of the citizens.

The president expressed optimism that the nation’s economy would prosper with the commencement of operations at the Dangote Refinery and other refineries.

“I believe that this development will enable the government to conserve foreign reserve earnings, thereby facilitating investment in critical sectors of the economy.

“As Nigeria grapples with a historic surge in inflation, the ACCI’s plea serves as a timely call to action.

“A call for government to implement robust strategies that will mitigate the economic challenges faced by the nation and pave the way for sustainable growth and development,” he said.