The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that the federal government is considering giving companies that hire additional employees outright tax breaks
Edun disclosed this during an Exclusive interview on AIT’s Money Line where he stated that the measures are part of the inflation reduction Act to be signed by the President in a matter of weeks.
He underlines that the fiscal measures are intended to lower the cost of production, which is attributed to weak exchange rates and other government policies.
He said, “The inflation reduction act will now contain a range of import duties, exemptions, lowering of tariffs, and outright tax breaks for employment. If you employ more people, you will be given a tax break against it. So, a range of fiscal incentives will be laid out in an executive order which Mr. President will in due course sign.”
Edun also disclosed that the federal government imports Petrol at a cost of about $600 million every month. He said that neighboring nations, including Central Africa, that profit off Nigeria’s petrol imports bill are to blame for the high cost of fuel imports.
According to Edun, a concentrated effort is being made to guarantee the supply of food farmed locally.
He noted that in addition to distributing grains from the strategic reserves, a window has opened for importation because the President pledged to lower prices and provide food swiftly.
He pointed out that the goals of these interventions are to lower interest rates, stabilize exchange rates, and lessen inflation to foster an atmosphere that is favorable to investment and the creation of jobs.
