Just In: Tinubu signs four Executive Orders to alleviate economic hardship

President Bola Ahmed Tinubu has signed four Executive Orders deliberately aimed at curbing arbitrary taxation policies in the country to alleviate economic hardship.

The announcement was made by Dele Alake, the Special Adviser to the President, during an interactive session with State House Correspondents.

One of the Orders, the Finance Act (Effective Date Variation) Order, defers the commencement date of changes in the Act to September 1, 2023, ensuring adherence to the 90-day notice for tax changes.

Another Order involves the Customs, Excise Tariff (Variation) Amendment Order, shifting the commencement date of tax changes to August 1, 2023.

The President also suspended the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, and the newly introduced Green Tax on single-use plastics.

Additionally, the President ordered the suspension of the Import Tax Adjustment levy on certain vehicles. These orders aim to alleviate the negative impact of tax adjustments on businesses and households.

“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.
As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.