In a move aimed at providing relief to businesses and households, President Bola Tinubu has signed four Executive Orders, including the suspension of the five per cent Excise Tax on telecommunication services and the escalation of Excise Duties on locally manufactured products.

The announcement was made by Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, during a press briefing at the State House in Abuja.

The President’s actions also include the signing of the Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023. This adjustment ensures compliance with the 90-day minimum advance notice for tax changes outlined in the 2017 National Tax Policy.

Furthermore, President Tinubu signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, aligning with the National Tax Policy.

Notably, the President ordered the suspension of the newly introduced Green Tax, which imposed Excise Tax on Single-Use Plastics, including plastic containers and bottles. Additionally, the Import Tax Adjustment levy on certain vehicles has also been suspended.

According to Alake, these orders were issued by the President to mitigate the negative impacts of the tax adjustments on businesses and households in affected sectors. The President remains committed to addressing concerns regarding multiple taxation, local restrictions, and anti-business obstacles.

Emphasizing the government’s support for business growth, Alake highlighted that President Tinubu’s administration will continue to implement friendly policies that stimulate and nurture businesses in the country.

President Tinubu reassured Nigerians that any future tax increases would be conducted only after thorough consultations within the framework of a coherent fiscal policy. The President remains dedicated to fostering an environment conducive to economic growth and development.