FG Increment of Custom Duty Is Detrimental To The Economy, Leads To Untold Hardship On The Citizens – Entrepreneur Laments
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FG Increment of Custom Duty Is Detrimental To The Economy, Leads To Untold Hardship On The Citizens – Entrepreneur Laments
By Onome Naomi
President of the Association of Micro Entrepreneurs of Nigeria and Human Rights Activist Comrade Prince Saviour Iche laments the increase in customs duties three times within three months. He said the newest announcement by the Federal Government is not only shocking but appalling and detrimental to both entrepreneurs and the average citizen, bearing in mind the already existing and uncontrollable rise in inflation plaguing the nation.
Iche said a series of statements and policies made in the recent administration have had a negative effect on Nigeria and her citizens. It should be noted that Nigeria as a country has very low production capacity as most of the commodities, gadgets, and usable products are imported into the country.
In Lament, Iche stated that the new policy of increasing customs duties will also lead to the shutdown of many industries that depend on the importation of raw materials and exportation across borders. Says the raw materials for production bought at N15,000 in 2015 have been increased to N145, 000 in 2024 due to the rate of customs charges.
Iche said:
“Under what assessment and criteria is customs increasing the rate for cargo clearing? From $952 to $1,356. What this means is that the naira will further lose its value, there will be hardship, goods and services will increase, and our naira will become mere paper.
The deplorable state of the economy and its effect on the masses have led to untold hardship for the citizens; the common man can barely afford the basics. If the government goes ahead with this recent policy, there will be increased poverty in the nation.
It is well known that Nigeria is a consuming country; we import almost everything. President Tinubu has brought nothing but hardship and suffering. We want to assume that this customs increase is a rumour; if not, we are in for problems.
Cars, food, and every other basic amenities will increase tremendously, which automatically falls back on the poor masses, thereby inflicting more suffering than there is.
It is high time the voice of the voiceless speaks up; the Federal Government can’t just make inconsiderable policies affecting over 200 million Nigerians; why all this pain?”
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The problems Nigeria has encountered in recent times can be resolved only with the right people in power. Policies upon policies had led the nation into an almost irredeemable state. The dollar increase is uncontrollable as a result of senseless policies. The nation needs good and selfless administrators who have the betterment of citizens at heart. Its high time politicians stop giving thieves positions in power, but for those with merits. A good look at some other African countries with better governance has a reflection on the citizens, Iche added.
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