President Bola Tinubu has taken significant actions by signing four Executive Orders. Among these orders is the suspension of the five percent Excise Tax on telecommunication services, as well as the escalation of Excise Duties on locally manufactured products.

Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, made this announcement during a press briefing at the State House in Abuja on Thursday.

One of the Executive Orders signed by the President is the Finance Act (Effective Date Variation) Order, 2023, the statement reads.

It adds, “This order defers the implementation of changes outlined in the Act from May 23, 2023, to September 1, 2023.”

The purpose of this deferral, according to the Alake, is to comply with the 90-day minimum advance notice for tax changes stated in the 2017 National Tax Policy.

President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023. This order shifts the start date of tax changes from March 27, 2023, to August 1, 2023, aligning it with the National Tax Policy.

President Tinubu has also ordered the suspension of the newly introduced Green Tax, which involved Excise Tax on Single-Use Plastics, including plastic containers and bottles.

The Import Tax Adjustment levy on certain vehicles has also been suspended.

Alake stated that “these orders have been issued by the President to alleviate the negative impact of tax adjustments on businesses and households in affected sectors.”

He emphasized that “President Tinubu is committed to addressing concerns regarding multiple taxation and anti-business regulations.”

Alake further emphasized that “the administration under President Tinubu will continue to implement favorable policies to stimulate business growth in the country.”

The president has reassured Nigerians that there will be no further tax increases without comprehensive and inclusive consultations within a well-defined fiscal policy framework.