Reduce Taxes to Save Economy, NACCIMA, MAN Urge FG Caution against VAT increase Govt pleads for understanding, vows to reduce cost of lending to SMEs Crusoe Osagie The National Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) and the Manufacturers Association of Nigeria (MAN), the two
largest arms of the Organised Private Sector (OPS) in the country, at separate events yesterday, has urged the federal government to consider tax reduction to save the economy from further decline. The President of MAN, Dr.
Frank Jacobs, lamented that all the available economic indices showed that the Nigerian economy might slide into a free fall, stressing that urgent pronouncements and decisions of the government in the next few weeks would be critical
to its recovery. He noted that the federal government had to quickly decide whether or not to raise taxes. According to him, the plan by the federal government to increase Value Added Tax
(VAT), the new high lending interest rate of 26 per cent minimum, scarcity of forex to procure raw materials and machinery parts by factories and new machinery for startups constitute disincentives to investment in Nigeria.
'When an economy is contracting as is the case in Nigeria today, countries work closely with the private sector by providing incentives and support to encourage them to Continued on page 8
Friday 29 July, 2016 Vol 21. No 7763. Price: N250
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TODAY'S WEATHER
ABUJA 16°C-33°C
MAIDUGURI 15°C-35°C
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ENUGU 22°C-34°C
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KANO 11°C-33°C
LAGOS 23C-31°C
PORT HARCOURT 20°C-30°C
Resurgence of Crisis in PDP as Abuja Court Sacks Makarfi Party says ruling absurd Metuh dissociates self from Sheriff’s suit Tobi Soniyi, Onyebuchi Ezigbo and Alex Enumah in Abuja and Olawale Olaleye in Lagos A Federal High Court sitting in Abuja has again affirmed Senator Ali Modu Sheriff as the authentic National Chairman of the Peoples Democratic Party (PDP), even as it nullified the appointment of Ahmed Makarfi as the caretaker committee chairman of the party.
The court held that the purported convention held in Port Harcourt on May 20 was in violation of two court orders of the Lagos Division of the Federal High Court which barred the PDP and the Independent National Electoral Commission (INEC) from holding the convention. Continued on page 8
Security Challenges Threaten Nigeria’s Unity, Says Chief of Defence Staff
Senator Iroegbu in Abuja
The Chief of Defence Staff (CDS), Gen. Gabriel Olonisakin, yesterday reviewed the security challenges facing the country and warned that unless they were carefully managed, they might disintegrate the nation. "These challenges singly and collectively have the grim potential to undermine the Nigerian State,” the defence chief said, warning that:
“These are very potent and sensitive crisis situations that have the capacity to wreck our ship of state, if not handled with utmost care and professionalism that they deserve.” Consequently, Olonisakin called for patriotic commitment from all stakeholders for the unity, peace and security of the country. Continued on page 9
OLOROGUN'S PASSAGE
L-R: The wives of late Olorogun Felix Ibru — Matilda and Caroline — and Mrs. Flora Talib-Ibru, during the service of songs of the deceased at the Archbishop Vining Memorial Church Cathedral, GRA, Ikeja in Lagos… yesterday