OGUNCCIMA lauds FG’s five-year tax relief for haulage, business, livestock sectors

The Ogun State Chambers of Commerce, Industry, and Agriculture (OGUNCCIMA) has commended the Federal Government for approving a 5-year tax relief for haulage, business registration, market, and livestock sectors.

In a statement, OGUNCCIMA President, Mr Niyi Oshiyemi, described the move as a bold step towards fostering a conducive business environment and enhancing the competitiveness of Nigerian businesses globally.

“This tax relief is a significant milestone in Nigeria’s economic development journey. It demonstrates the Federal Government’s commitment to supporting entrepreneurs and business owners,” Oshiyemi said.

The tax relief is expected to improve cash flow for businesses, attract foreign investment, and empower Small and Medium-scale Enterprises (SMEs) to grow. According to Oshiyemi,

“This initiative will unlock the potential of Nigerian businesses, create jobs, and stimulate economic growth. We applaud the Federal Government for this proactive step.”

Oshiyemi noted that Ogun State, as a hub for commerce, industry, and agriculture, would significantly benefit from the tax relief.

“Ogun State is poised to witness increased investment, job opportunities, and revenue growth. This tax relief will further solidify our state’s position as a leading economic hub in Nigeria,” he added.

The OGUNCCIMA President urged the Federal Government to ensure effective implementation and monitoring of the tax relief.

Tax relief at this point creates an ease, especially now that economic tension is a reality. Such should be extended to other sectors of the economy to avoid total collapse as a result of a very low return on investment due to economic hardship. The relief can now go to wages for workers instead of downsizing the staff strength.

“We encourage the Federal Government to put in place necessary measures to guarantee seamless execution. This will ensure that the benefits of the tax relief are fully realised,” Oshiyemi stated.

OGUNCCIMA also pledged to continue supporting policies promoting economic growth and development in Ogun State and Nigeria.

“We will work closely with the Federal Government and other stakeholders to ensure the success of this initiative,” Oshiyemi assured.

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