ADVERTISEMENT
TechEconomy
Saturday, May 31, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Government Should Cut Taxes on Basic Items to Mitigate Inflation

Government Should Cut Taxes on Basic Items to Mitigate Inflation

Justice Godfrey Okamgba by Justice Godfrey Okamgba
June 20, 2023
in Finance
0
Mitigating Inflation
Cost of living

Mitigating Inflation

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025

The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to reduce taxes on basic food items as a means to alleviate the impact of rising inflation on the most vulnerable Nigerians.

This recommendation comes in response to the recent release of Consumer Price Index (CPI) data by the National Bureau of Statistics (NBS), which revealed a continuous increase in the headline inflation rate, reaching 22.41 percent in May.

Additionally, the food inflation rate rose to 24.82 percent, further exacerbating the challenges faced by the populace.

The LCCI emphasizes the need for the government to implement fiscal measures that would address the concerns surrounding inflationary pressures. One of the proposed measures is the reduction or elimination of taxes on essential food items.

By doing so, the government can protect the most vulnerable members of society and stimulate demand-side growth, thereby mitigating the adverse effects of inflation.

The LCCI’s recommendation to pause interest rate hikes is another crucial aspect of their proposal. By halting increases in interest rates, economic agents can be relieved of the financial burdens they currently face.

This move would provide much-needed respite to businesses and individuals, allowing them to better navigate the challenges brought about by rising inflation.

The chamber also expresses concerns about potential future inflationary pressures, particularly in relation to the removal of fuel subsidies and the floating of the Naira exchange rate. These policy changes may have inflationary implications, further impacting businesses and households.

To mitigate the potential negative effects, the LCCI urges the government to expedite the provision of anticipated palliative measures that could alleviate the rising trend in prices faced by economic agents.

As a result of the anticipated inflationary pressures, businesses are likely to adopt cost reduction strategies such as downsizing and sourcing inputs locally. These measures aim to lower operating expenses and adapt to the challenging economic environment. However, such strategies may lead to job losses and hinder economic growth in the short term.

Household real income is expected to continue declining, particularly in the near term, due to the persistence of inflation. This would further strain the financial well-being of individuals and families, making it imperative for the government to take swift action to address these concerns.

LCCI’s call for the government to cut taxes on basic food items is a reasonable recommendation in the face of rising inflation in Nigeria. Such a measure would provide relief to vulnerable segments of society and stimulate demand-side growth.

Alongside this, the pause in interest rate hikes and timely provision of palliatives are essential to mitigate the impact of inflation on economic agents. The government must consider these recommendations seriously to ensure the well-being of its citizens and foster economic stability.

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: EconomyInflationtax
Previous Post

[EDITORIAL] Empowering the Workforce to Overcome Inflation and Subsidy Challenges

Next Post

Dealing with Setbacks, Mistakes and Building Resilience as an Entrepreneur

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates in the Official Market, Closes at N1,586/$1

by Latifat Fashina
May 30, 2025
0

The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1. According to...

Read more
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
SANEF CEO Uche Uzoebo receives RedTech Award

RegTech Conference: SANEF’s CEO Uche Uzoebo Makes Case for More Financial Inclusion Strategies Targeting Women

May 29, 2025
SEC cancels Silverkuun

SEC Warns Public against Investing in Silverkuun Limited

May 29, 2025
Abbey Mortgage Bank Building

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Licence

May 29, 2025
Naira vs Dollar | Asset management

Naira Falls across Markets, Hits N1,591/$1 in Official Trading

May 29, 2025
Next Post
Dealing with Setbacks, Mistakes and Building Resilience as an Entrepreneur

Dealing with Setbacks, Mistakes and Building Resilience as an Entrepreneur

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.