Nigerian Consumers Will Bear Brunt Of Tinubu’s Tax Reforms – Dele Kelvin Oye, NACCIMA President, OPSN Chair

By Oluronke Kuku, Joseph Sunday 

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, who also doubled as the National Chairman of the Organized Private Sector of Nigeria, OPSN, Mr Dele Kelvin Oye has told Nigerians to be well prepared to bear the brunt of the tax reforms introduced by the current administration of President Bola Ahmed Tinubu in the Country. 

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According to Dele Kelvin Oye, pointing at the 2025 budget, he described the expected economy outlook for the Country in the new year 2025 as one Nigerians should worry about, with the huge budget deficit of about N13 trillion as well as the latest additional budgetary provision in the tune of the sum of N4.5 trillion which he said was announced on a national television on Wednesday (yesterday). 

Dele Kelvin Oye in his response on Arise News TV however said “the only thing that will make the additional provisions of N4.5 trillion added into the 2025 budget worthwhile is if the funds are channeled into the Bank of Agriculture as well as that of the Bank of Industries which NACCIMA, and OPSN has been constitutionally empowered to coordinate its activities as the only organization in charge of the private sector in the Country. 

Oye emphasized on the need for the Country’s leadership to consider the need to have a reasonable price and a single digit loans to support the productive sector in the Country. 

Narrating his observations from the 2024 budget, he descried a situation where most of the gains benefited went to the Country’s public sector at the detriment of the private sector. 

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He advised the President Bola Ahmed Tinubu’s administration to allow the additional budgetary provisions of N4.5 trillion be channelled into the private sector to improve and increase its productivity.

He also called on the Central Bank of Nigeria to reduce the Country’s MPR rates, thereby ensuring the funds to the public sector are reduced to allow more money find its way to the private sector.

He also emphasized on the need for government to mount pressure on the public sector to pay back the loans currently owed by them to pave the way for a reduction in the inter-bank rates, to naturally fall with the support of the Central Bank of Nigeria.

Adding, “Oye emphasized that increasing taxes would only lead to higher production costs, which would ultimately be passed on to consumers, exacerbating the already high inflation rate. 

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Instead, “he advocated for a more conducive business environment, with reasonable interest rates, single-digit loans, and increased stakeholder engagement.

“The government should also focused on giving us reasonable price loans and engaged with professionals first, before taking decisions that affect us, Oye urged. 

“We need to make Nigeria a better place, and the only way to do it is by creating an enabling environment for businesses to thrive.”

Oye also expressed concerns over the recent announcement by the customs service to enforce a 4% levy on imports, which he believes could further increase the cost of production and hinder economic growth.

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The NACCIMA President further emphasized why the government should prioritize supporting the private sector, rather than imposing additional taxes and regulations. “If we have a conducive environment, the government can relax and collect its taxes, he said. “The more profit we make, the government is the ultimate beneficiary.”

He also pleaded for a reversal of the Customs Charges imposed through the 2023 Customs Acts from the current 4% back to the previous 1% been paid in 2023. 

Earlier, while introducing Mr Dele Kelvin Oye, the lead anchor for The Morning Show live programme on Arise News TV, Mr Reuben Abati, described him as a man with excessive background and leadership positions within the various sectors. 

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Abati expressed the hope that Oye in his capacity, will lead the OPSN, an umbrella organization composed of key stakeholders including NACCIMA, the Nigerian Consultative Association, NECA; the National Association of Small and Medium Enterprises; the National Association of Small Scale Industries and the Manufacturers Association of Nigeria, among others. 

Continuing, Abati posited, that, together, these Associations represent a significant portion of Nigeria’s economy landscape.

In addition, Abati added that the economy experts believed that under Oye’s guidance, the OPSN will push for a robust policy advocacies, high level stakeholders collaboration and drive the initiatives that will enhance Nigeria’s competitive edge in the global market. 

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