Asiwaju Dapo Wahab, a businessman and the Treasurer of the Abeokuta Chamber Of Commerce Industry Mine And Agriculture ( ABEOCCIMA) has described the Federal Government’s suspension of duties, tariffs,and taxes on some essential food items imported through land and sea borders as a double edged sword that has its advantages as well as its disadvantages.
Asiwaju Wahab speaking on Sweet FM, 107.1 in Abeokuta yesterday, advised the Federal Government to closely monitor this novel initiative so as to ensure that its benefits to the overall development of the nation is not jeopardized.
He noted that the suspension of duties, tariffs,and taxes on some imported goods has its own attendant broad implications on Nigeria’s Economy.
Asiwaju Wahab, a savvy businessman and Chairman of Asiwaju Dapo Wahab Foundation, an NGO dedicated to fighting drug abuse and other societal ills pointed out that while the suspension of duties, tariffs, and taxes on essential food items can provide immediate relief in terms of lower food prices and improved food security, it also comes with challenges such as reduced government revenue, potential market distortions, and long-term dependency on imports.
He called on government to carefully monitor this initiative so as to ensure that its benefits to the overall development of the nation is achieved so that the short term gains do not in the long run impair the long term gains.
The business guru implored government to manage these implications so as to ensure that the benefits of the policy outweigh the drawbacks and contribute to sustainable economic growth and development.
He therefore urged the Federal Government to design a robust and proactive feedback mechanism that would enable communities give their feedbacks on the effectiveness of the duties, taxes and tarriffs suspension in their respective areas.
