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The Lagos Chamber of Commerce and Industry has urged the President, Bola Tinubu, to stop the revenue leakage of more than $5bn paid annually as freight to foreign shipowners.
LCCI President/Chairman of Council, Asiwaju Michael Olawale-Cole made these points in a letter to Mr President, regarding the Chamber's response to some of the moves and policies so far by the Tinubu-led administration.
The most advanced economies in the world share one of several traits: they nurse their private sectors into job-creating behemoths. They encourage businesses to invest and expand through friendly fiscal policies such as lessened corporate tax rates and incentives like tax breaks, leading to job creation.
The private sector operators however pointed out that the tax suspensions were inadequate to curb rising inflation and other macroeconomic headwinds threatening the survival of many local businesses.
Private Sector Demands More Waivers As Tinubu Suspends Taxes