ABCON Calls For Suspension of All Increases in Taxes, Tariffs

Bureau de Change Operators in the country have called for the suspension of all increases in taxation and tariffs during this challenging period.

The Association of Bureau De Change Operators of Nigeria (ABCON), in its quarterly economic review report for Q2 2020, lauded suspension of the proposed hike in electric tariff.

ABCON said, “Most importantly, government should, as a major policy during this COVID-19 recovery period, suspend any imposition or increase in taxation.

“Instead such shortfalls that might have emerged between national budget adjustments and expenditures should be covered by various financial support to COVID-19 from foreign and local contributors.

“In line with this observation, all current increases on tariffs and taxes could be deferred until when the economy recovered from the effects of the pandemic.”

The association also called for actions to reduce disruption in the nation’s food chain.

It said, “The lockdown and the consequent effects have been in Nigeria for about four months now in various states of the federation.

“One of the evident consequences of COVID-19 crisis is the potential to trigger a food security crisis in Nigeria, with agricultural production potentially contracting between 2.6 per cent in an optimistic scenario and up to seven per cent if there are trade blockages, according to a World Bank survey.

“Thus, there should be more emphasis on saving lives and protecting livelihoods through strengthening health systems and taking quick actions to minimise disruptions in food supply chains.”