Entrepreneur Seeks Tax Relief, Waivers on Loans

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Ayodeji Ake

To cushion the effect of the COVID-19 pandemic on the economy, an entrepreneur, Mr. Taiwo Samuel Olatoye has appealed to the federal government to provide tax relief and waivers on loan repayment to schools and other businesses in the country.

Speaking with THISDAY, recently in Lagos, Olatoye, said the pandemic and its increasing incidence calls for strategic measures to save businesses from imminent collapse.

According to him, with the decline in the price of crude oil and uncertainties in the country presently, there was need to stimulate economic activities by helping small businesses, others pull through the crisis.

The entrepreneur drew President Muhammadu Buhari’s attention to the plights of industries, companies, schools and others servicing loans from the Bank of industry (BOI), among other institutions.

He added: “The federal government should take measures to save small/large scale businesses, companies, institutions, private schools and organisations that are in great difficulty paying back loans, salaries, settlement of outstanding bills, and logistics due to the pandemic.”

Olatoye, urged governments at all levels to apply wavier on levies and taxes to help struggling businesses avoid bankruptcy during the crisis.