TechEconomy
  • Privacy Policy
  • Manage Subscriptions
Friday, December 1, 2023
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • 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
  • TECHECONOMY TV
No Result
View All Result
Podcast
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • 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
  • TECHECONOMY TV
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

Sifax
Advertisements

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.

RelatedPosts

Dr Chinyere Almona - LCCI

2024: Improve on CapEx Budget Performance, LCCI urges FG

December 1, 2023

ICT Contributes 15.97% to Nigeria’s GDP in Q3 – NBS

December 1, 2023

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.

Share this:

  • X
  • More
  • Email
  • WhatsApp
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

Dr Chinyere Almona - LCCI
Finance

2024: Improve on CapEx Budget Performance, LCCI urges FG

by Techeconomy
December 1, 2023
0

The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has called on the federal government...

Read more
ICT contribution to GDP

ICT Contributes 15.97% to Nigeria’s GDP in Q3 – NBS

December 1, 2023
CEO FCMB Group Ladi Balogun

FCMB Group Reports 108% YoY Growth in Profit Before Tax in 9 Months of 2023

November 30, 2023
ProvidusBank Amphi Card launch

MSMEs Welcome Providus Amphi Card Powered by Mastercard 

November 30, 2023
old naira notes

Supreme Court Cancels Old Naira Deadline

November 30, 2023
Tinubu Budget 2024

BUDGET: Tinubu’s Government to Spend N27.5trn in 2024

November 29, 2023
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

Techeconomy Podcast 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.

Listen OnSpotify
The Role of Ed-tech in Life Long Learning and Continuous Education
byTecheconomy

In this episode, we embark on a profound exploration of Ed-tech's integral role in lifelong learning and continuous education.

Our esteemed guest, Oluwatobi Adekunle, Co-founder of Growthskool, brings a wealth of insight to the discussion. As a visionary in the Ed-tech realm, he shares experiences, challenges, and triumphs from the forefront of Growthskool's transformative journey.

Join us in unraveling the ways in which Ed-tech is reshaping traditional education paradigms and fostering a culture of continuous learning. Oluwatobi's perspective offers a unique lens into the transformative power of technology in the realm of education.

At Techeconomy, our commitment lies in delivering nuanced coverage at the crossroads of Technology, Business, and the Economy. Our content is designed to empower decision-making and explore the transformative potential of innovative technologies.

—

Send in a voice message: https://podcasters.spotify.com/pod/show/techeconomy/message

The Role of Ed-tech in Life Long Learning and Continuous Education
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

NEWSLETTER

Subscribe

* indicates required
Techeconomy

Follow Us

MarkTECH

Gamification and Customer experience
MarkTECH

Gamifying Customer Engagement for Success 

by Techeconomy
November 13, 2023
0

Writer: ADEOLA ADEJOKUN Let's talk about the addictive nature of video games for a second. What keeps players glued to...

Read more

WomenPreneurs

Rukayat Alabi - RKY Group of Companies
WomenPreneurs

Rukayat Alabi: Empowering Lives and Businesses Through Tech

by Joan Aimuengheuwa
October 29, 2023
0

Rukayat Alabi, the CEO of RKY Group of Companies, a visionary entrepreneur who is revolutionizing the way people transition into...

Read more

BusinesSENSE For SMEs

Managing Difficult Customer
BusinesSENSE For SMEs

Five Keys to Managing Difficult Customers

by Techeconomy
August 23, 2023
0

You will at one point in your business be confronted with dealing with difficult customers. So, mastering the right strategies...

Read more
  • About Us
  • Contact U
  • Policy
  • Careers

© 2023 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • 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
  • TECHECONOMY TV

© 2023 Techeconomy - Designed by Opimedia.

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