A fiscal policy partner at Price Waterhouse Coopers (Pwc), Taiwo Oyedele, says that poor Nigerians will feel the impact of the four executive orders signed by President Bola Tinubu on Thursday, as they won’t have to pay more for some critical goods and services.
Tinubu had on Thursday signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
Speaking on Channels Television Politics Today on Thursday, Oyedele said the prices of some goods and services won’t go down, adding that the new Executive Orders by the President will ensure the prices don’t go up either.
“The four Executive Orders, apart from postponing the commencement dates for the final start and the customs and excise tariffs amendment order, suspends the excise tax on telecommunication which means you won’t have to pay more for your telecommunication services.
“This means you won’t have to pay more (for those who buy airtime and data) – it will not reduce but it will not go up. It was meant to go up before but the tax that was going to up has now been suspended.
“If you go to the mall and you buy anything they give you – plastic bags, plastic bottles, you would have had to pay more for all those products that are packaged and that would have been another inflation for us and that has been prevented,” Oyedele said.
He noted that the excise duties on tobacco and alcoholic beverages were being escalated significantly and for those who buy those products, the prices would have gone up.
“There are about 40 per cent import duties and levy on the importation of vehicles so this is going to be on top of it. President Tinubu has now suspended that tax as well.
“This is good news to the ordinary man on the street and it will ease the burden that we have to bear at this time and not be further complicated and worsened by additional taxes,” he stated.
