Manufacturers Association of Nigeria (MAN) has advocated the need for the Federal Government to remove the 7.5% Value Added Tax on diesel.
President of MAN, Mansur Ahmed,who spoke at the 25th Annual General Meeting of the Kaduna State branch of the association,said the removal of VAT on diesel should be pending the normalisation of the international supply system as well as resolve the complexity surrounding the seamless implementation of the eligible customer initiative in order to enable manufacturers to take of the advantage of stranded electricity.
He lamented that the impact of the ongoing Russia-Ukraine war on the country’s economy is leading to the high cost of petroleum products, high cost of raw materials, inconsistent government policies, high regulatory compliance and inadequate infrastructure top the agenda for deliberations.
He further advised the government to create a national strategic response to the disruptive impact of the ongoing Russian – Ukraine war on the global supply value chain and its debilitating impact on Nigeria’s economy.
Ahmed explained that such a strategic response will help to identify viable options to ameliorate the negative impact of the disruption, assuage other pain points in the business environment and activate innovative solutions to familiar and emerging macroeconomic and Infrastructure challenges as well as provide a lead way for resilience in the economic ecosystem.
