Tinubu has issued four executive orders that will affect the lives of all Nigerians
President Bola Tinubu has taken steps to ease the tax burdens on Nigerian individuals and businesses in response to concerns raised by manufacturers and other stakeholders regarding recent tax changes.
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To this effect, he has signed four executive orders that suspend certain taxes. Leading the administration’s Revenue team, Mr. Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, announced this development during a briefing with State House reporters at the Presidential Villa in Abuja.
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Accompanying Mr. Alake on the team were Mr. Zaccheau Adedeji, the Special Adviser to the President on Revenue, Ms. Doris Aniettie, a member of the Presidential Advisory Council on Finance and other Related Matters, and Ms. Adenike Laoye from the Office of the Chief of Staff to the President.
The team emphasized that these measures were taken to address the need for clarity and sufficient notice for tax adjustments, as outlined in the 2017 National Tax Policy.
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One of the executive orders signed by President Tinubu is the Finance Act (Effective Date Variation) Order, 2023, which defers the implementation of the changes stated in the Act from May 23, 2023, to September 1, 2023. This decision ensures compliance with the minimum 90-day advance notice requirement for tax changes as specified in the 2017 National Tax Policy.
The second executive order is the Customs, Excise Tariff (Variation) Amendment Order, 2023, which also shifts the implementation date of tax changes from March 27, 2023, to August 1, 2023, aligning with the provisions of the National Tax Policy.
Mr. Alake further disclosed that the President has suspended the 5% Excise Tax on telecommunication services, as well as the escalation of Excise Duties on locally manufactured products. Additionally, the President has ordered the suspension of the newly introduced Green Tax, which imposed Excise Tax on Single Use Plastics, including plastic containers and bottles. Moreover, the Import Tax Adjustment levy on certain vehicles has been suspended.
Mr. Alake emphasized that President Tinubu’s intention is to address the concerns of Nigerians and mitigate the negative impacts of the tax adjustments, rather than exacerbating the challenges faced by citizens.
